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Jamison Company uses a periodic inventory system in accounting for one of its products, the Widget. At the end of the annual accounting period, December
Jamison Company uses a periodic inventory system in accounting for one of its products, the "Widget". At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for the "Widget". Units 1,990 Unit Cost $ 7 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,140 2,820 4,170 9 10 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.) FIFO LIFO Average Cost Ending inventory Cost of goods sold
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