Question
In: Accounting
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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 | 2,000 | $ | 5 | |||
| For the current year: | ||||||
| Purchase, March 21 | 5,000 | 6 | ||||
| Purchase, August 1 | 3,000 | 8 | ||||
| Inventory, December 31, current year | 4,000 | |||||
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Solutions
ekkarill92 answered 3 years agoRelated Solutions
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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 Cost Inventory, December 31, prior year 2,000 Unit $3For the current year: Purchase, March 21 5,190 5Purchase, August 1 ...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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
$
5
For the current year:
Purchase, March 21
5,080
7
Purchase, August 1
3,000
8
Inventory, December 31, current year
4,180
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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:
Inv Dec 31 prior year Units 2000 - $5 (unit cost)
Puchase march 21 : 5000 - $6
Purchase August 1: 3000 - $8
Inventory December 31 current year 4000: (blank)
Ending inventory (FIFO/LIFO/AVG COST)
Cost of goods sold (FIFO/LIFO/Avg Cost)
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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
1,960
$
5
For the current year:
Purchase, March 21
5,020
7
Purchase, August 1
2,900
8
Inventory, December 31, current year
4,080
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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
1,940
$
4
For the current year:
Purchase, March 21
5,110
6
Purchase, August 1
2,860
7
Inventory, December 31, current year
4,160
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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
1,950
$
5
For the current year:
Purchase, March 21
5,070
7
Purchase, August 1
2,960
8
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...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
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 1,870 $ 5 For
the current year: Purchase, March 21 5,050 7 Purchase, August 1
2,830 8 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...
Nittany Company uses a periodic inventory system. At the endof the annual accounting period, December...
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 $ 7For the current year: Purchase, March 21 5,150 9 ...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year
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: Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...
Emily 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
2:
Units
Unit Cost
Inventory, December 31, prior year
2,890
$
12
For the current year:
Purchase, April 11
8,860
13
Purchase, June 1
7,930
18
Sales ($55 each)
10,860
Operating expenses (excluding income tax expense)
$
191,500
2. Compute the difference between the pretax
income and the ending inventory...
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