Chapter 16, Problem 16.8DMP

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 Unit Units Cost 1,800 $ 5 6,130 4 4,050 2,920 2 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. FIFO LIFO Average Cost Ending inventory $ 5,840 $ 13,480 $ 10,144 Cost of goods sold $ 69 35,780 59 28,140

How much was the company's ending inventory on this accounting question?

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