E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2

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	1,810		$	8
For the current year:
Purchase, March 21	6,020			7
Purchase, August 1	4,010			5
Inventory, December 31, current year	2,920
Find LIFO cost of goods sold. Please show your work.