Reference no: EM132658258
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 2,000 $4
For the current year:
Purchase, March 215,090 6
Purchase, August 12,900 7
Inventory, December 31, current year 4,100
Required:
Problem 1: 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.)
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