Nittany Company uses a periodic inventory system. At the end of the annual accounting period, Decembe accounting records provided the following information for product 1: Units 1,990 Unit Cost $4 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 Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amor 5,000 2,960 4,070 6 7

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, Decembe accounting records provided the following information for product 1: Units 1,990 Unit Cost $4 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 Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amor 5,000 2,960 4,070 6 7

Name: Nittany Company uses a periodic inventory system. At the end of the a
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Description: Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3-accounting records provided the following information for product 1:Inventory, December 31, prior yearFor the current year:Purchase, March 21End

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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