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

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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Description: E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average CostLO7-2Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, theaccounting reco

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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www. 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: MARTINE HET AAMY Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units LIFO 1,910 6,150 4,020 2,860 Unit Cost $6 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.) Average Cost 5 3 P K
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E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany 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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Units Unit Cost 1,810 $ 4 5,180 6 2,880 4,140 7 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Average Cost Ending inventory $ 27,720 $ 24,550 Cost of goods sold $ 33,979
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SE7-8. Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events in January: Unit Cost Date Event Units Total Cost Jan. 10 Purchased inventory. Purchased inventory. 100 $12 $1,200 Jan. 20 200 14 2,800 Jan. 30 Sold inventory. 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method.