Penn Company uses a periodic inventory system. At Me end of itie annual accounting period, De.m.r 31 of tNe current year, Me accounting records provided Me following inMrrnaten for p.uct 1:
Unit Cost Inventory, December 31, pHor year 2,000 25 For the current year: Purchase, March 21 ZOOTI Purchase, August 1 Inventory, December 31, current rar 4,000
Require. Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Entl, in tory
30,000 $ 22,000 $ 25,600
Cost of goods sold
$ 34,000
$ 42,000
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