Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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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: Uni ts Unit Cost 1, 890 $ 4 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5, 070 2, 820 4, 180 7 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) X Answer is complete but not entirely correct. FIFO LIFO Average Cost 27,900 21,060 X $ 36,660 X $ Ending inventory 24,662 Cost of goods sold $ 29,820 O $ 33,040 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: Uni ts Unit Cost 1, 890 $ 4 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5, 070 2, 820 4, 180 7 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) X Answer is complete but not entirely correct. FIFO LIFO Average Cost 27,900 21,060 X $ 36,660 X $ Ending inventory 24,662 Cost of goods sold $ 29,820 O $ 33,040
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Units Unit cost Total cost Beginning inventory 1950 5 9750 Purchase March 21 5130 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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