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: 

                                        Units  Unit Cost 

Inventory, December 31, prior year  1,890  $ 7

For the current year: 

Purchase, March 21                      5,150     9              

Purchase, August 1                       2,900    10

Inventory, December 31, current year  4,120 

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 1