Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2…

Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2

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:
UnitsUnit Cost Inventory, December 31, 20141,920 $5 For the year 2015: Purchase, March 216,160 4 Purchase, August 14,100 2 Inventory, December 31, 20152,840

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