E$7-6($Algo$)$ Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO$7-2$

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 $1,880$ $ $7$

For the current year:

Purchase, March $216,0306$

Purchase, August $14,1504$

Inventory, December $31,$ current year $2,850$

Required:

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

Note: Round "Average cost per unit" to $4$ decimal places and final answers to nearest whole dollar amount.L$07\mathrm{.}2$

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 $1$ :

Required:

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

Note: Round "Average cost per unit" to $4$ decimal places and final answers to nearest whole dollar amount.

Answer is not complete.