Penn Company uses a periodic inventory system. At the end of the annual accounti

Question

Penn 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 For the current yea 2,000 $5 Purchase, March 21 Purchase, August 1 5,000 3,000 4,000 Inventory, Decmber 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods FIFO LIFO Average Cost Ending inventory Cost of goods sold

Explanation / Answer

Answer:-

Explanation:-1)-

2)-

3)-

Particulars FIFO LIFO Average cost Ending inventory 30000 22000 25600 Cost of goods sold 34000 42000 38400

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