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E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average...

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Accounting

E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2

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 1,820 $ 3
For the current year:
Purchase, March 21 5,120 5
Purchase, August 1 2,890 6
Inventory, December 31, current year 4,070

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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