E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average CostLO7-2Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, theaccounting records provided the following information for product 1:Ending inventoryCost of goods soldInventory, December 31, prior yearFor the current year:Purchase, March 21Purchase, August 1Inventory, December 31, current yearRequired: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.$FIFO31,510 $LIFOUnits1,94024,680 $5,0502,9504,080Average CostUnitCost$57887

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Description: E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average CostLO7-2Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, theaccounting recor

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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: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory $ FIFO Purchase, August 1 Inventory, December 31, 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 2 decimal places and final answers to nearest whole dollar amount. 31.510 $ LIFO Units 1,940 5,050 2,950 4,080 24,680 $ Average Cost Unit Cost $5 7 8

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: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory $ FIFO Purchase, August 1 Inventory, December 31, 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 2 decimal places and final answers to nearest whole dollar amount. 31.510 $ LIFO Units 1,940 5,050 2,950 4,080 24,680 $ Average Cost Unit Cost $5 7 8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Units Unit Cost 1,810 $ 4 5,180 6 2,880 4,140 7 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. FIFO LIFO Average Cost Ending inventory $ 27,720 $ 24,550 Cost of goods sold $ 33,979
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E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO (LO 7-51) Orlon Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method ols perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $10 Units Transactions e. Inventory, Beginning For the yeari b. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e. Sale, July ) (sold for $38 per unit) f. Operating expenses (excluding incone tax expense), $19,300 300 700 8 600 11 300 550 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold
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