E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamiton 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 : Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount