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.