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 @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 24 b. LIFO 2$ 0 $ c. Weighted average $ o o o
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 @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 24 b. LIFO 2$ 0 $ c. Weighted average $ o o o
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.
15 Sold
60 units @
26 Purchased
25 units @ $10 per unit.
Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and
(c) the weighted-average cost methods. Round your final answers to the nearest dollar.
Cost of goods sold Ending inventory
a. FIFO
2$
0 $
b. LIFO
2$
0 $
c. Weighted average $
0 $
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