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I got the answer to some of these already, but I need explanations for how to get to all of these numbers including the ones
I got the answer to some of these already, but I need explanations for how to get to all of these numbers including the ones I don't have.
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: Units 1,810 Unit Cost $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5, 120 2,940 4,060 7 8 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) X Answer is not complete. FIFO LIFO Average Cost $ $ 24,800 Ending inventory Cost of goods sold 31,360 37,050 $ $ 43,610Step by Step Solution
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