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Compute ending inventory and cost of goods sold under fifo

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Question

Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1:

UnitsUnit Cost Inventory, December 31, 20141,980 $5 For the year 2015: Purchase, March 215,040 7 Purchase, August 12,900 8 Inventory, December 31, 20154,060

Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)

Reference no: EM132359676

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