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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,870 $ 6 6,020 5 4,080 2,950 3 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. Ending inventory Cost of goods sold Average FIFO LIFO Cost

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Chapter6: Receivables And Inventories
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Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...
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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:
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
Required:
Unit
Units
Cost
1,870
$ 6
6,020 5
4,080
2,950
3
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.
Ending inventory
Cost of goods sold
Average
FIFO
LIFO
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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,870 $ 6 6,020 5 4,080 2,950 3 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. Ending inventory Cost of goods sold Average FIFO LIFO Cost
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