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. Please solve the Average Cost of Ending Inventory, I know its not 16,114 FIFO Average Cost 11,760 53,790 46,080 49,437 Ending Inventory Cost of goods sold LIFO 19,470
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. Please solve the Average Cost of Ending Inventory, I know its not 16,114 FIFO Average Cost 11,760 53,790 46,080 49,437 Ending Inventory Cost of goods sold LIFO 19,470
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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Oo.84.
Subject :- Account
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.
Please solve the Average Cost of Ending Inventory, I know its not 16,114
FIFO
Average Cost
Ending Inventory
Cost of goods sold
11,760
53,790
LIFO
19,470
46,080
49,437
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