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 Units Unit Cost 1,930 $7 6,160 6 4,010 2,880 4 Inventory, December 31, current year 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.) FIFO LIFO Average Cost Ending inventory $ 11,520 $ 19,210 Cost of goods sold $ 54,990 $ 47,300
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 Units Unit Cost 1,930 $7 6,160 6 4,010 2,880 4 Inventory, December 31, current year 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.) FIFO LIFO Average Cost Ending inventory $ 11,520 $ 19,210 Cost of goods sold $ 54,990 $ 47,300
Chapter1: Financial Statements And Business Decisions
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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:
Unit
Units
Cost
Inventory, December 31, prior year
1,930
$7
For the current year:
Purchase, March 21
6,160
6
Purchase, August 1
4,010
4
Inventory, December 31, current year
2,880
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.)
FIFO
LIFO
Average
Cost
Ending inventory
$
11,520 $
Cost of goods sold
$
54,990 $
19,210
47,300
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