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, 2015, the accounting records provided the following information for product 1:
Inventory 12/31/2014: 1960 units @ $7
for year 2015:
Purchase, 3/21: 6170 @ $6
Purchase, 8/1: 4000 @ $4
Inventory 12/31/2015: 2930
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
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