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Chapter 7: Homework Nittany Company uses a periodic inventory system. At the end of the...

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Accounting

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Chapter 7: Homework 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 1111 points Unit Cast 1.920 Inventory, December 31, prior year For the current year Purchase, March 21 Purchase. August 1 Inventory, December 31, current year 5.03 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.) Average Cost LIFO 29.040 Ending inventory Cost of goods sold FIFO 357005 34.150 5 5

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