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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
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
PLease advise my COGS answer is wrong?
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 $8 1,970 o ints Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,040 4,180 2,930 7 5 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.) Answer is complete but not entirely correct. FIFO $ Ending inventory Cost of goods sold 14,650 $ 78,940 $ LIFO Average Cost 22,480$ 18,974 56,460 $ 59,966 SStep by Step Solution
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