Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31
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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:
Units | Unit Cost | |||||
Inventory, December 31, prior year | 2,000 | $ | 5 | |||
For the current year: | ||||||
Purchase, March 21 | 6,000 | 4 | ||||
Purchase, August 1 | 4,000 | 2 | ||||
Inventory, December 31, current year | 3,000 | |||||
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
FIFO | LIFO | AVERAGE COST | |
ENDING INVENTORY | $ | $ | $ |
COST OF GOODS SOLD | $ | $ | $ |
Related Book For
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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