Solution-Compute ending inventory and cost of goods sold

Compute ending inventory and cost of goods sold

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Reference no: EM133137763

Question - 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.

Inventory, December 31 prior year	1940	$4
For the current year:
Purchase, March 21	5170	6
Purchase, August 1	2890	7
Inventory, December 31, current year	4100

Required - Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

Reference no: EM133137763

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Compute ending inventory and cost of goods sold

Reference no: EM133137763

Reference no: EM133137763

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