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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
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 Unit Cost Inventory, December 31, prior year 1,920 $ 6 For the current year: Purchase, March 21 5,160 8 Purchase, August 1 Inventory, December 31, current year 2,880 4,170 9 Required: 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. Ending Inventory Cost of goods sold FIFO LIFO Average Cost
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