Please do not give solution in image format thanku 29cesNittany 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 soldFIFOUnits1,970LIFO5,1303,0004,170Purchase, 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.UnitCost$4Average Cost67

Name: Please do not give solution in image format thanku 29cesNittany Compan
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Please do not give solution in image format thanku 29cesNittany 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 produc

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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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 Units 1,970 LIFO 5,130 3,000 4,170 Unit Cost $4 6 Average Cost