Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost Nittany...
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Accounting
Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost 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 2,000 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3,000 4,000 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Hint: Set up adjacent columns for each case.)
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