Hamilton Company uses a periodic inventory system. At the end ofthe annual accounting period, December 31, 2015, the accountingrecords provided the following information for product 1:
| Units | Unit Cost |
| Inventory, December 31, 2014 | 1,930 | $7 |
| For the year 2015: | | |
| Purchase, March 21 | 6,180 | 6 |
| Purchase, August 1 | 4,070 | 4 |
| Inventory, December 31, 2015 | 2,800 | |
|
| Required: |
Compute ending inventory and cost of goods sold under FIFO,LIFO, and average cost inventory costing methods. (Do notround intermediate calculations and round your final answers to thenearest dollar amount.) |
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| | FIFO | LIFO | Average Cost | | Ending inventory | | | | | Cost of goods sold | | | |
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