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Help please with finding Average Cost / Cost of Goods Sold 1.66 points Return to que E7-5 (Algo) Calculating Ending Inventory and Cost of Goods
Help please with finding Average CostCost of Goods Sold
1.66 points Return to que 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: Inventory, December 31, For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, Required: prior year current year Units 1,900 5, 160 2, 860 4,200 Unit Cost 6 7 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. Answer is complete but not entirely correct. FIFO 28,060 30,520 LIFO 21 ,400 Ending inventory Cost of goods sold Average Cost 24,822 33,758 0
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