E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost 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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Units Unit Cost 2,000 $ 5 6,000 4 4,000 2 3,000 Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods (Set up adjacent columns for each case). FIFO Ending inventory Cost of goods sold LIFO Average Cost