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 1,830 $7 For the current year: Purchase, March 21 6,110 6 Purchase, August 1 4,020 4 Inventory, December 31, current year 2,940 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. Ending Inventory Cost of goods sold FIFO LIFO Average Cost
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 1,830 $7 For the current year: Purchase, March 21 6,110 6 Purchase, August 1 4,020 4 Inventory, December 31, current year 2,940 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. Ending Inventory Cost of goods sold FIFO LIFO Average Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 the following information for product 1:
Units Unit Cost
Inventory, December 31, prior year 1,830 $7
For the current year:
Purchase, March 21
6,110 6
Purchase, August 1
4,020 4
Inventory, December 31, current year 2,940
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.
Ending Inventory
Cost of goods sold
FIFO
LIFO
Average Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F146ba547-3393-4257-a101-1e7cee66946f%2F420d412f-6f98-472d-b5c8-4fc0f4742f58%2Fw0tujbe_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 1,830 $7
For the current year:
Purchase, March 21
6,110 6
Purchase, August 1
4,020 4
Inventory, December 31, current year 2,940
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.
Ending Inventory
Cost of goods sold
FIFO
LIFO
Average Cost
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