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 9,850 $ 59,250 $ LIFO 23,200 45,900 Units 1,970 $ $ 5,150 2,900 4,130 Average Cost Unit Cost $ 5 7 8 49,101 19,999
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 9,850 $ 59,250 $ LIFO 23,200 45,900 Units 1,970 $ $ 5,150 2,900 4,130 Average Cost Unit Cost $ 5 7 8 49,101 19,999
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
9,850 $
59,250 $
LIFO
23,200
45,900
Units
1,970
$
$
5,150
2,900
4,130
Average Cost
Unit
Cost
$ 5
7
8
49,101
19,999](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ac54068-09d0-4df4-866a-66121ad2e10c%2F18067165-6dcf-4835-9d06-345db3b7476f%2Fmtzs5ha_processed.png&w=3840&q=75)
Transcribed Image Text: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
9,850 $
59,250 $
LIFO
23,200
45,900
Units
1,970
$
$
5,150
2,900
4,130
Average Cost
Unit
Cost
$ 5
7
8
49,101
19,999
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VIEWStep 3: Calculate the Cost of Goods Sold & Ending Inventory Using LIFO Method
VIEWStep 4: Calculate the Cost of Goods Sold & Ending Inventory Using Average Cost Method
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