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

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of
accounting records provided the following information for product 1 : \table[[,,], [Inventory, December 31, prior
year, Units, Unit], [For the current year:,1,820, $8
C
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of th
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
1,820
$ 8
6,090 7
4,070
2,810
5
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
Transcribed Image Text:Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of accounting records provided the following information for product 1 : \table[[,,], [Inventory, December 31, prior year, Units, Unit], [For the current year:,1,820, $8 C Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of th 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 1,820 $ 8 6,090 7 4,070 2,810 5 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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