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 t: Units Unit Cost Inventory, Decenber 31, prior year Tor the current yeari Purchase, March 21 Purchase, Auguat 1 Inventory, Decenber 31, eurrent year 1,820 $6 5,100 2,930 4,050 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.) FIFO LIFO Average Cost Ending inventory Cost of goods sold
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 t: Units Unit Cost Inventory, Decenber 31, prior year Tor the current yeari Purchase, March 21 Purchase, Auguat 1 Inventory, Decenber 31, eurrent year 1,820 $6 5,100 2,930 4,050 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.) FIFO LIFO Average Cost Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
1,820
Unit Cost
$6
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
5,100
2,930
4,050
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.)
FIFO
LIFO
Average Cost
Ending inventory
Cost of goods sold
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