Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31
Fantastic news! We've Found the answer you've been seeking!
Question:
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:
Units | Unit Cost | |
Inventory, December 31, prior year | 1,870 | $4 |
For the current year: | ||
Purchase, March 21 | 5,090 | 6 |
Purchase, August 1 | 2,980 | 7 |
Inventory, December 31, current year | 4,170 |
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date: