Solved: Compute ending inventory and cost of goods sold under fifo, Accounting Basics

Compute ending inventory and cost of goods sold under fifo

Question - 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, Dec 31 prior year: Units: 1860 Unit cost: $7

For the current year,

Purchase, March 21 Units:6,180 Unit cost: $6

Purchase, August 1 Units: 4,150 Unit Cost: 4

Inventory, Dec 31 current year Units: 2,890

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

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Accounting Basics: Compute ending inventory and cost of goods sold under fifo

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Accounting Basics: Compute ending inventory and cost of goods sold under fifo

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