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 1,960 $ 6 For the current year: Purchase, March 21 6,030 5 Purchase, August 1 4,150 3 Inventory, December 31, current year 2,950 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'm unsure why my calculation is wrong, please provide explanation of your calcuation.
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 |
1,960 |
|
$ |
6 |
|
|
For the current year: |
|
|
|
|
|
|
Purchase, March 21 |
6,030 |
|
|
5 |
|
|
Purchase, August 1 |
4,150 |
|
|
3 |
|
|
Inventory, December 31, current year |
2,950 |
|
|
|
|
|
|
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'm unsure why my calculation is wrong, please provide explanation of your calcuation.
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