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:

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.)

\begin{tabular}{|lcc|} \hline & Units & Unit Cost \\ \hline Inventory, December 31, prior year & 2,000 & $ \\ For the current year: & & 5 \\ Purchase, March 21 & & \\ Purchase, August 1 & & \\ Inventory, December 31, current year & 3,000 & 4 \\ \hline \end{tabular}