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: Units Unit Cost 1,860 $ 5 5,080 7 2,920 4,080 8 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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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:
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
Units
Unit
Cost
1,860
$ 5
5,080.
7
2,920
4,080
8
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
FIFO
LIFO
Average Cost
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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Units Unit Cost 1,860 $ 5 5,080. 7 2,920 4,080 8 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 FIFO LIFO Average Cost
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