7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost 07-2 amilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the laccounting records provided the following information for product 1: Unit Cost Inventory, December 31, prior year 1,880 $ 6 For the current year: Purchase, March 21 6,050 5 Purchase, August 1 4,180 3 Inventory, December 31, current year 2,960 equired: Units ompute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. ote: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount. Q Answer is complete but not entirely correct. Ending inventory $ 8,880 @ 16,680 @ (s 13211 Q Cost of goods sold $ 45190 @ 38290 |$ 40,859