$2\mathrm{.}5$

points

Item $3$

Hamilton 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 $216,0004$

Purchase, August $14,0002$

Inventory, December $31,$ current year $3,000$

Required:

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