The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:July 1 Beginning inventory 30 units @10 Purchased$9 per unit50 units @ $11 per unit15 Sold60 units26 Purchased25 units @ $13 per unitCalculate 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.Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar.A. First-in, First-out:Ending InventoryCost of Goods Sold:B.Last-in, first-out:Ending InventoryCost of Goods Sold:C. Weighted-average cost:Ending InventoryCost of Goods Sold

Step 1: Compute the ending inventory (in units) as follows:

Answered: The Luann Company uses the periodic…

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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