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 1,920 $6 6,180 5 4,070 3 2,960 Inventory, December 31, current year 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 Average FIFO LIFO 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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Units Unit Cost 1,920 $6 6,180 5 4,070 3 2,960 Inventory, December 31, current year 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 Average FIFO LIFO Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Units
Unit
Cost
1,920 $6
6,180 5
4,070 3
2,960
Inventory, December 31, current year
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
Average
FIFO
LIFO
Cost
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