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: Unit Units Cost Inventory, December 31, prior year For the current year: 2,000 $5 Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3,000 4,000 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. FIFO LIFO Average Cost Ending inventory Cost of goods sold 68 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: Unit Units Cost Inventory, December 31, prior year For the current year: 2,000 $5 Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3,000 4,000 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. FIFO LIFO Average Cost Ending inventory Cost of goods sold 68
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Sold Units 2000500030004000 3D 6000 Average Cost per unit 2000x5... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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