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E 7 - 5 ( Algo ) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO 7 - 2
EAlgo Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provided the following information for product : Units Unit Cost Inventory, December prior year $ For the current year: Purchase, March Purchase, August Inventory, December current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to decimal places and final answers to nearest whole dollar amount.
EAlgo Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provided the following information for product :
Units Unit Cost
Inventory, December prior year $
For the current year:
Purchase, March
Purchase, August
Inventory, December current year
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Note: Round "Average cost per unit" to decimal places and final answers to nearest whole dollar amount.
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