E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Av LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the accounting records provided the following information for product t Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 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. FIFO LIFO Unit Cost Units 1,920 $6 6,110 5 4,060 3 2,810 Average Cost

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E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost
LO7-2
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:
Ending inventory
Cost of goods sold
FIFO
Units
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
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.
LIFO
1,920
Unit
Cost
$6
5
6,110
4,060 3
2,810
Average
Cost
Transcribed Image Text:E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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: Ending inventory Cost of goods sold FIFO Units Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 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. LIFO 1,920 Unit Cost $6 5 6,110 4,060 3 2,810 Average Cost
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