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E 7 - 5 ( Algo ) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L 0 7 -

E7-5(Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost
L07-2
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 :
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 2 decimal places and final answers to nearest whole dollar amount.
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