Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
Help please with finding Average Cost/Cost of Goods Sold
image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

125972266X, 9781259722660

More Books

Students also viewed these Accounting questions