Hamilton Company uses a periodic inventory system. At the end of the annual acco

Question

Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1:

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

FIFO Ending Inventory:

LIFO Ending Inventory:

Average Cost Ending Inventory:

FIFO Cost of goods sold:

LIFO Cost of goods sold:

Average Cost (Cost of goods sold):

Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1:

Explanation / Answer

Inventory 1900 Add : Purchases 10320 Less : closing inventory 2980 Sales 9240 FIFO Ending inventory 2980 @ 2 = 5960 LIFO Ending inventory 980 @ 4 = 3920 1900@ 5 = 9500 13420 Average cost Beginning inventory 1900 5 9500 6170 4 24680 4150 2 8300 Total 12220 42480 Average cost   = 42480 / 12220 = 3.48 Ending inventory 2980@ 3.48 = 10370.40 FIFO Cost of goods sold 1900 5 9500 6170 4 24680 1170 2 2340 9240 36520 LIFO Cost of goods sold 4150 2 8300 5090 4 20360 9240 28660 Average cost 9240 3.48 32155.20

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