Reference no: EM133008445

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

                                                    Units               Unit Cost

Inventory, December 31, prior year        1910                  $4

For the current year:

Purchase, March 21                              5180                6

Purchase, August 1                               2850                    7

Inventory, December 31, current year 4040

Required:

Problem 1: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.