Subject: acounting 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:Inventory, December 31, prior yearFor the current year:Purchase, March 21Ending inventoryCost of goods soldFIFOS 23,840 $S 24,380 SUnits1,810Purchase, August 1Inventory, December 31, current yearRequired:Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost Inventory costing methods.Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.LIFO5,0902,8904,19024,380 X S23,840 SUnit Cost$ 3Answer is complete but not entirely correct.Average Cost20,65627,60856

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Description: Subject: acounting 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, t

In LIFO (last in first out) method, inventory purchased last will be sold first, and therefore…

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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: 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 Cost of goods sold Units Unit Cost 1,810 $3 5 FIFO S 23,840 s $ LIFO 24,380 $ 24,380 $ 23,840 $ Answer is complete but not entirely correct. Average Cost 20,656 27,608 5,090 2,890 4,190