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 1,860 $ 7 For the current year: Purchase, March 21 6,040 6 Purchase, August 14, 160 4 Inventory, December 31, current year 2, 830 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.

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 1,860 $ 7 For the current year: Purchase, March 21 6,040 6 Purchase, August 14, 160 4 Inventory, December 31, current year 2, 830 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.

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Description: i need the answer quickly Hamilton Company uses a periodic inventory system. At the end of the annualaccounting period, December 31 of the current year, the accounting records providedthe following information for product 1: Units Unit Cost Inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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