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Compute ending inventory and cost of goods sold

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Problem - 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

1,890

$6

For the current year:

 

 

Purchase, March 21

6,130

5

Purchase, August 1

4,070

3

Inventory, December 31, current year

2,920

 

Required - Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.

Reference no: EM132704938

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