Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units@ $9 per unit. 15 Sold 60 units@ 26 Purchased 25 units@ $10 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 dollar
Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units@ $9 per unit. 15 Sold 60 units@ 26 Purchased 25 units@ $10 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 dollar
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Inventory Costing Methods
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:
July 1 Beginning inventory 30 units@ $8 per unit.
10 Purchased
50 units@ $9 per unit.
60 units@
25 units@ $10 per unit.
15 Sold
26 Purchased
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. FIFO
b. LIFO
Cost of goods sold Ending inventory
$
S
Weighted average s
Check
$
$
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