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 $1,960$ $ $7$

For the current year:

Purchase, March $216,0406$

Purchase, August $14,1704$

Inventory, December $31,$ current year $2,830$

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.$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Average$],[$Cost$]]],[$Ending inventory,$$,11,320,$$$,18,940,],[$Cost of goods sold,$$,55,320,$$$,47,700,]]$