E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company
Posted: Sun Jun 05, 2022 6:50 pm
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold
Under FIFO, LIFO, and Average Cost LO7-2
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:
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.
Under FIFO, LIFO, and Average Cost LO7-2
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:
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.