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answer two questions Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the
answer two questions
Nittany 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 1,950 Unit Cost S5 Inventory, December 31, prior year For the current year! Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,100 2,850 4,140 7 B 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 A three-year-old machine has a cost of $96,000, an estimated residual value of $1,000, and an estimated useful life of five years. The company uses straight-line depreciation Calculate the net book value at the end of the third year. Not book value Step by Step Solution
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