Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:
|
Units |
Unit Cost |
| Inventory, December 31, 2011 |
1,860 |
$8 |
| For the year 2012: |
|
|
| Purchase, March 21 |
6,100 |
7 |
| Purchase, August 1 |
4,040 |
5 |
| Inventory, December 31, 2012 |
2,880 |
|
| Required: |
|
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round intermediate calculations to 4 decimal places and round your final answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the "$" sign in your response.)
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