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Calculate ending inventory and cost of goods sold under FIFO, LIFO and Average Cost LO7-2...

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Accounting

Calculate ending inventory and cost of goods sold under FIFO, LIFO and Average Cost LO7-2

Please help! Been trying this so many ways for 30 min.

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E7-5 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 1,920$6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 5,160 Inventoryg December 31, current year2,040 Required Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost Ending inventory31,840 Cost of goods sold$ 46.700

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