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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:
Units Unit Cost
Inventory, December 31, prior year 2800 9
For the current year:
Purchase, March 21 5800 10
Purchase, August 1 3800 4
Inventory, December 31, current year 6,400
Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Do not round "Average cost per unit" and round your final answers to nearest whole dollar amount.)
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