Return to question E7.5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO,...
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Return to question 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 i U Unit coat Teventory. December 31, prior year For the current year Purchas, March 21 3,090 Purch August 2,950 Inventory, December 31 current year NYORX 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.) Answer is complete but not entirely correct. Ending ventory Cost of good id 3 3 FIFO 2700 $ 19.680 $ LIFO Average Cost 20,250 $ 17.956 24,130 3 26,424
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