Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July...
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Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
1,330
units @
$20
per unit
10
Purchased
1,350
units @
$21
per unit
15
Sold
1,360
units @
26
Purchased
1,325
units @
$22
per unit
Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.
A.
First-in, First-out:
Ending Inventory
Answer
Cost of Goods Sold:
Answer
B.
Last-in, first-out:
Ending Inventory
Answer
Cost of Goods Sold:
Answer
C.
Weighted-average cost:
Ending Inventory
Answer
Cost of Goods Sold
Answer
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