Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

Units Unit Cost
Inventory, December 31, prior year 1,830 $ 7
For the current year:
Purchase, March 21 6,110 6
Purchase, August 1 4,020 4
Inventory, December 31, current year 2,940

Required:

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.

Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount.

Please solve the Average Cost of Ending Inventory , I know its not 16,114

FIFO LIFO Average Cost
Ending Inventory 11,760 19,470
Cost of goods sold 53,790 46,080 49,437

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Issues And Cases

Authors: Michael Chris Knapp

3rd Edition

0538891173, 9780538891172

More Books

Students also viewed these Accounting questions