E7-5 LO7-2

Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost

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:

Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost 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. (Hint: Set up adjacent columns for each case.)