Alpesh 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 sold$$Purchase, August 1Inventory, December 31, current yearRequired:Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.FIFO39,40049,130 $> Answer is complete but not entirely correct.Average Cost36,12452,406LIFOUnits1,94039,32055,8705,1502,8604,060$$UnitCost$7910

Name: Alpesh E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Alpesh 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