Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:UnitsUnit Cost Inventory, December 31, 20111,910 $6 For the year 2012: Purchase, March 216,170 5 Purchase, August 14,050 3 Inventory, December 31, 20122,870 Required:Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round intermediate calculations to 4 decimal places and round your final answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the “$” sign in your response.)FIFOLIFOAverageCost Ending inventory$ $ $ Cost of goods sold$ $ $ Please give a clear and detailed answer.Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, 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. (Round intermediate calculations to 4 decimal places and round your final answers to the nearest dollar amount. Cost of goods sold and ending inventory may not add up to cost of goods available for sale due to rounding. Omit the “$” sign in your response.)Please give a clear and detailed answer.