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E7.5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under...

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Accounting

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E7.5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Nittany Company uses a penodic inventory system. At the end of the annual accounting perlod, December 31 of the current year, the accounting records provided the following information for product 1: Compute ending inventory and cost of goods sold for the current year under FFO, LIFO, and average cost inventory costung methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount

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