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 For the current year Purchase, March 21 Purchase, August 1 Inventory, December 31, current year $7 1,960 6 6,190 4,110 2,840 4 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.) Average Cost FIFO LIFO Ending inventory Cost of goods sold At the beginning of the year, Palermo Brothers, Inc., purchased a new plastic water bottle making machine at a cost of $56,000. The estimated residual value was $6,000. Assume that the estimated useful life was four years, and the estimated productive life of the machine was 500,000 units. Actual annual production was as follows: Year Units 1 150,000 2 110,000 137,500 102,500 3 4 Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. Accumulated Depreciation Expense Net Year Book Value Depreciation At acquisition 2 3 4 b. Units-of-production. Depreciation Expense Accumulated Net Year Depreciation Book Value At acquisition 1 2 3 4