E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost Hamilton Company uses a peri

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E7 6 Calculating Ending Inventory And Cost Of Goods Sold Under Fifo Lifo And Average Cost Hamilton Company Uses A Peri 1 (287.88 KiB) Viewed 10 times

E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average 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: Ending inventory Cost of goods sold FIFO Units LIFO 2,000 Unit Cost Purchase, March 21 6,000 Purchase, August 1 4,000 Inventory, December 31, current year 3,000 Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods (Set up adjacent columns for each case). 5 $ 4 2 Average Cost