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Return to question Item 3 E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses
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Item 3
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2
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 | 1,850 | $ 4 | |
For the current year: | |||
Purchase, March 21 | 5,050 | 6 | |
Purchase, August 1 | 2,920 | 7 | |
Inventory, December 31, current year | 4,190 |
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.
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