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 For the current year: 1,870 $ 5 Purchase, March 21 5,070 7 Purchase, August 1 Inventory, December 31, current 2,880 4,110 8 year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

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 For the current year: 1,870 $ 5 Purchase, March 21 5,070 7 Purchase, August 1 Inventory, December 31, current 2,880 4,110 8 year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

Name: Nittany Company uses a periodic inventory system. At the end of the a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of thecurrent year, the accounting records provided the following information for product 1:UnitsUnitCostInventory, December 31, prioryearFor t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: Units 350 Unit Cost $ 12 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 800 850 350…
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: Ending inventory Cost of goods sold 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. FIFO Units 1,870 LIFO 5,030 2,980 4,090 Unit Cost $4 Average Cost
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method 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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) f. Operating expenses (excluding income tax expense), $18,200 Cost of Ending Inventory Cost of Goods Sold FIFO Units 300 LIFO 950 850 300 630 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $ 14 12 15
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Weighted Average - Perpetual: Goods purchased Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Date January 1 January 9 Average cost January 25 Average cost January 26 Totals # of units Cost per unit Units Unit Cost 390 90 120 # of units sold $3.80 4.00 4.10 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units 390 @ $ 3.80 = Inventory Balance $1,482.00
9
The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 270 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. I provided all that was givento answer my question A company's inventory records indicate the following data for the month of April: Units Acquired at Cost 770 units @ $36= $27,720 650 units @ $40 = $26,000 570 units @ $44 = $25,080 Date April 1 April 7 April 11 April 16 April 22 The comp Activities Beginning inventory Purchase Sale Purchase Sale Units Sold at Retail 1,140 units @ $110 400 units @ $110
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual FIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Date January 1 January 9 January 25 January 26 Totals Goods purchased # of units Cost per unit Units Unit Cost 250 60 100 # of units sold $2.30 2.50 2.64 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Required information [The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Date January 9 Average cost January 9 January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 Cost per unit 100 saved Unit Cost $ 4.50 # of units sold 4.70 4.84 Weighted Average - Perpetual: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance Help Save & Exit
answer in text form please (without image)
please all answer
Please help