Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of t accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Unit Units Cost 1,820 $ 8 6,090 7 Purchase, August 1 Inventory, December 31, current year Required: 4,070 5 2,810 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 t accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Unit Units Cost 1,820 $ 8 6,090 7 Purchase, August 1 Inventory, December 31, current year Required: 4,070 5 2,810 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
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