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 30 units o $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 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.
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 30 units o $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 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.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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 30 units o $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 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.
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