Vittany 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:
Inventory December 31, prior year Unit Cost
For the current year:
1,860 4
Purchase, March 21 5,110
Purchase, August 1 0
2,840
Inventory, December 31, current year 4,050
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 inventory
Cost of goods sold