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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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