Chapter 7 Homework Savad Help Save & Exit Submit Check my work E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 points 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: Skisped Units 1,860 Unit Cost. $6 Inventory, December 31, prior year For the current years Purchase Nacel 21 Purchase, August 1 Inventory, December 31, current year eR04 5,030 2,840 4,120 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.) FIFO LIFO Average Cost Print Ending inventory Cost of goods sold References