E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a penodic 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 1,810 $5 For the current year: Purchase, March 21 6,140 Purchase, August 1 4,040 Inventory, December 31, current year 2,310 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit to 4 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average CON Ending inventory Cost of goods sold