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Penn Company uses a periodic inventory system. At the end of the annual accounting period,...

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Finance

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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 2000 $ 7 For the current year: Purchase, March 21 6000 $ Purchase, August 19 4000 $ Inventory, December 31, current year 3000 Compute ending inventory and costs of goods sold for the current year under LIFO inventory costing methods. 1 1) Cost of Goods Sold = Explain your calculation below: 2) Ending inventory = Explain your calculation below

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