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 product 1:
units unit cost
inventory, december 31, prior year 1,950 $ 5
for the current year:
purchase, march 21 5,050 7
purchase, august 1 2,810 8
inventory, december 31, current year 4,070
required: compute ending inventory and cost of goods sold for the current year 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.)