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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 :
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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