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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:
Inventory Costing MethodsPeriodic Method
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:
tableJulyBeginning inventory,units @$per unitPurchased,units @$per unit,Sold,units @Purchased,units @$per unit,
Calculate the cost of goods sold for July and ending inventory at July using a firstin firstout, b lastin firstout, and c the we
tableAFirstin Firstout,,Ending Inventory,$Cost of Goods Sold:,$BLastin firstout:,,Ending Inventory,$Cost of Goods Sold:,$CWeightedaverage cost:,,Ending Inventory,$Cost of Goods Sold,$
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