Nittany 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 soldFIFOUnits1,870LIFO5,1502,9904,050Purchase, 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$467Average Cost

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 31 of the current year, theaccounting records provided the following information for product 1:Inventory, December 31, prior yearFor the current y

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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 1,870 LIFO Unit Cost $4 5,150 2,990 4,050 Average Cost 6 7

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 Unit Cost $4 5,150 2,990 4,050 Average Cost 6 7

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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Can you please explain how to get the Cost of Goods Solds category using LIFO?