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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:
Units | Unit Cost | |
---|---|---|
Inventory, December 31, prior year | 1,980 | $ 6 |
For the current year: | ||
Purchase, March 21 | 6,150 | 5 |
Purchase, August 1 | 4,060 | 3 |
Inventory, December 31, current year | 2,910 |
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.
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