Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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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, prior year For the current years Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Units Unit Cont 1,980 $ 3 5,170 5 2,820 4,140 6 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. FIFO Ending inventory Cost of goods sold LIFO 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: Inventory, December 31, prior year For the current years Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Units Unit Cont 1,980 $ 3 5,170 5 2,820 4,140 6 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. FIFO Ending inventory Cost of goods sold LIFO Average Cost
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