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: UnitsUnit CostInventory, December 31, prior year1,980$ 4For the current year: Purchase, March 215,1706Purchase, August 12,8807Inventory, December 31, current year4,110 Required:Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.

Name: Nittany Company uses a periodic inventory system. At the end of the an
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Description: 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: UnitsUnit CostInventory, December 31, prior year1,

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Answered: Nittany Company uses a periodic…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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	Units	Unit Cost
Inventory, December 31, prior year	1,980	$ 4
For the current year:
Purchase, March 21	5,170	6
Purchase, August 1	2,880	7
Inventory, December 31, current year	4,110

Required:

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

Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.

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