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
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 1,810 $ 7 For the current year: Purchase, March 21 6,090 6 Purchase, August 1 4,040 4 Inventory, December 31, current year 2,890 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.)
FIFO LIFO
Ending Inventory $11,560, $19,150
COGS $53,810 $46,220
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