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

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:

Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costingmethods.

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Units Unit Cost $5 6 Inventory, December 31, 2014 For the year 2015: 2,000 Purchase, March 21 Purchase, August 1 5,000 3,000 4,000 Inventory, December 31, 2015