Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current

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Nittany Company uses a periodic inventory system. At the end ofthe annual accounting period, December 31 of the current year, theaccounting records provided the following information for product1: Units Unit Cost Inventory, December 31, prior year 2,000 $ 5 Forthe current year: Purchase, March 21 5,000 6 Purchase, August 13,000 8 Inventory, December 31, current year 4,000 Required:Compute ending inventory and cost of goods sold for the currentyear under FIFO, LIFO, and average cost inventory costingmethods.
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