Please help me 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:Ending inventoryCost of goods soldInventory, December 31, prior yearFor the current year:Purchase, March 21Purchase, 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.FIFOUnits1,980LIFO5,1802,8804,040UnitCost$5Average Cost78

Name: Please help me Nittany Company uses a periodic inventory system. At th
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Description: Please help me 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:Ending inventoryCost of goods soldInv

There are two methods of verification of materials.They are periodic inventory system and perpetual…

Business

Accounting

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 Ending inventory Cost of goods sold FIFO Units 1,980 LIFO 5,180 2,880 4,040 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. Unit Cost $5 Average Cost 7 8

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 Ending inventory Cost of goods sold FIFO Units 1,980 LIFO 5,180 2,880 4,040 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. Unit Cost $5 Average Cost 7 8

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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