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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $ $
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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