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Inventory Costing Methods - Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:
Inventory Costing MethodsPeriodic Method
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:
tableJulyBeginning inventory,units @$per unitPurchased,units @$per unitSold,units,,Purchased,units @$per unit
Calculate the cost of goods sold for July and ending inventory at July using a firstin firstout, b lastin firstout, and c the weightedaverage cost methods.
Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar.
tableAFirstin Firstout:,Ending Inventory,$
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