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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 | 1,870 | $ | 8 | |||
For the current year: | ||||||
Purchase, March 21 | 6,180 | 7 | ||||
Purchase, August 1 | 4,020 | 5 | ||||
Inventory, December 31, current year | 2,890 | |||||
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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.)
I am not sure how to go from here. any help would be great
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 pla answers to nearest whole dollar amount.) Average Cost FIFO LIFO Ending inventory $ 14,450 Ending inventory 14,450 Cost of goods soldStep by Step Solution
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