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:UnitsUnit CostInventory, December 31, prior yearFor the current year:Purchase, March 21Purchase, August 1Inventory, December 31, current year1,950$65,0202,9204,0209.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.)FIFOLIFOAverage CostEnding inventory36,180Cost of goods sold

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:UnitsUnit CostInventory, December 31, prior yearFor

Calculation of Cost of Goods Sold and value of ending inventory using FIFO Method, Periodic…

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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: Units 1,950 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,020 2,920 4,020 8 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.) FIFO LIFO Average Cost Ending inventory $ 36,180 Cost of goods sold

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 1,950 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,020 2,920 4,020 8 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.) FIFO LIFO Average Cost Ending inventory $ 36,180 Cost of goods sold

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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