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E7-5(Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...

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Accounting

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:
Units Unit Cost
Inventory, December 31, prior year 1,910 $ 7
For the current year:
Purchase, March 215,1909
Purchase, August 12,87010
Inventory, December 31, current year 4,030
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.

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