Item$3$

$20$

points

Time Remaining $2$ hours $55$ minutes $52$ seconds$02$:$55$:$52$

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Time Remaining $2$ hours $55$ minutes $52$ seconds$02$:$55$:$52$

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 $2,000$ $$5$

For the current year:

Purchase, March $215,0006$

Purchase, August $13,0008$

Inventory, December $31,$ current year $4,000$

Required:

Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.