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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
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 1,930 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,070 2,950 4,050 8 9 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 complete but not entirely correct. FIFO $ 35,350 $ Ending inventory Cost of goods sold LIFO Average Cost 30,660 X $ 32,030 48,030 X $ 46,660 43,340 Jetz is the leading manufacturer of personal computers. In a recent year, it reported the following in dollars in millions: Net sales revenue Cost of sales Beginning inventory Ending inventory $ 76,221 59,444 1,690 1,870 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. (Use 365 days a year. Round your intermediate calculations and final answers to 2 decimal places.) Inventory turnover Average days to sell inventory days
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