### Inventory System Analysis**Nittany Company** uses a periodic inventory system. At the end of the annual accounting period (December 31 of the current year), the following information is provided for Product 1:#### Inventory Data:- **Inventory, December 31, Prior Year:** - Units: 1,870 - Unit Cost: $4- **For the Current Year:** - **Purchase on March 21:** - Units: 5,030 - Unit Cost: $6 - **Purchase on August 1:** - Units: 2,980 - Unit Cost: $7 - **Inventory, December 31, Current Year:** - Units: 4,090#### Requirement:Compute the ending inventory and cost of goods sold (COGS) for the current year under the following inventory costing methods:- FIFO (First-In, First-Out)- LIFO (Last-In, First-Out)- Average Cost**Note:** - Round "Average cost per unit" to 2 decimal places.- Round final answers to the nearest whole dollar amount.#### Table for Solution:| | FIFO | LIFO | Average Cost ||---------------|------|------|--------------|| **Ending Inventory** | | | || **Cost of Goods Sold** | | | |This table will be used to fill in the calculated ending inventory and cost of goods sold for each inventory costing method.

Name: ### Inventory System Analysis**Nittany Company** uses a periodic inve
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: ### Inventory System Analysis**Nittany Company** uses a periodic inventory system. At the end of the annual accounting period (December 31 of the current year), the following information is provided for Product 1:#### Inventory Data:- **Inventory, D