Chapter Seven Home 5. value: 2.00 points < Question 5 (of 9) > Penn 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: Inventory, December 31, prior year Units Unit Cost 1,830 $5 For the current year: Purchase, March 21 5,180 7 Purchase, August 1 Inventory, December 31, current year 2,800 4,020 8 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 ne Average Cost FIFO LIFO Ending inventory Cost of goods sold References eBook & Resources Worksheet Difficulty: 2 Medium Learning Objective: 07-02 Report inventory and cost of goods sold using the four inven