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http://puu.sh/aaM7S/62eb05322d.jpg (Has my answer) Double check please and catch any errors! Inventory Costing Methods?Periodic Method The Lippert Company uses the periodic inventory system. The following

http://puu.sh/aaM7S/62eb05322d.jpg (Has my answer) Double check please and catch any errors!

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 @ $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.

A. First-in, First-out:
Ending Inventory $Answer
Cost of Goods Sold: $Answer
B. Last-in, first-out:
Ending Inventory $Answer
Cost of Goods Sold: $Answer
C. Weighted-average cost:
Ending Inventory $Answer
Cost of Goods Sold $Answer

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