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Accounting
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Inventory Costing Methods-Perpetual Method The Lippert Company uses the perpetual inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units $9 per unit 10 Purchased 15 Sold 26 Purchased 50 units $10 per unit 60 units 25 units $11 per unit Calculate the cost of goods sold for the July 15 sale 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. For weighted-average cost, do not round the weighted-average unit cost. A. First-in, First-out Cost of Goods Sold: B. Last-in, first-out Cost of Goods Sold C. Weighted-average cost: Cost of Goods Sold Check
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