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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 | Unit Cost | |
---|---|---|
Inventory, December 31, prior year | 1,860 | $ 5 |
For the current year: | ||
Purchase, March 21 | 5,080 | 7 |
Purchase, August 1 | 2,940 | 8 |
Inventory, December 31, current year | 4,050 |
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 - Fifo - Lifo - average cost
Cost of goods sold - Fifo - Lifo - average cost
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