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 1,980 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,060 2,970 4,010 5,060 8 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 not complete. Average Cost FIFO 35,050 LIFO 33,880 X $ $ Ending inventory Cost of goods sold

please help and please show all calculations/explanations

Answer 1

Ending inventory Cost of Goods sold FIFO 35050 44040 LIFO 28120 50970 Average Cost 31679 47400 Periodic : FIFO Goods Purchasd Cost of Goods Sold cost of Goods # of Units Cost Per Cost of # of Units Cost Per Unit Available for sales sold Goods Sold Beginning inventory 1980 6 11880 1980 11880 Purchases Mar-21 50608 40480 4020 8 32160 Aug-01 29709 26730 Totals 10010 79090 6000 44040 Inventory Balance Cost Per Ending # of Units Unit Inventory 6 Unit 600 1040 2970 4010 8320 26730 35050

Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods # of Units Cost Per Cost of Cost Per Ending # of Units Cost Per Unit Available for sales sold Unit Goods Sold # of Units Inventory Beginning inventory 1980 11880 0 0 1980 6 11880 Purchases Mar-21 5060 8 40480 3030 24240 2030 16240 Aug-01 2970 9 26730 29701 26730 Totals 10010 79090 6000 509701 4010 28120 Periodic : Weighted Average Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods # of Units Cost Per Cost of Cost Per Ending # of Units Cost Per Unit Available for sales # of Units sold Unit Goods Sold Unit Inventory O/ 11880 Beginning inventory 1980 Purchases Mar-21 5060 Aug-01 2970 Totals 100101 8 40480 267301 79090 7.90 6000 7.90 47400 4010 7.90 31679