Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31
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Question:
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 | 1,840 | $ | 7 | |||
For the current year: | ||||||
Purchase, March 21 | 6,190 | 6 | ||||
Purchase, August 1 | 4,160 | 4 | ||||
Inventory, December 31, current year | 2,840 | |||||
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.)
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