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: UnitsUnit CostInventory, December 31, prior year2,000 $5 For the current year: Purchase, March 215,000 6 Purchase, August 13,000 8 Inventory, December 31, current year4,000 Required:Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
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