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