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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3 1 of the current year, the accounting records
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provided the following information for product :
Units Unit Cost
Inventory, December prior year $
For the current year:
Purchase, March
Purchase, August
Inventory, December current year
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 decimal places and final answers to nearest whole dollar amount.
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