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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 Methods-Periodic Method
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:
\table[[July 1,Beginning inventory,100,units @,$8,per unit],[10,Purchased,120,units @,$9,per unit],[15,Sold,130,units @,,],[26,Purchased,95,units @,$10,per unit]]
Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.
\table[[A. First-in, First-out:,],[Ending Inventory,$
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