Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following uy data are for an item in Lippert's invertory July 1 Beginning inventory 30 units 520 per unit. 10 Purchased 50 units 523 per unit 15 Sold 50 units 26 Purchased 25 units $25 per unit Calculate the cost of goods sold for July and ending inventory at july 31 using (a) first-n first-out, (b) lasten, first-out, and (c) the weghted-wverage cost methods. Round your final owers nearest dollar Cost of goods sold Ending inventory a FIFO 05 b. UFO 0:5 c Weighted average 5 OS OOO Check sales in Inventory The Southern Company installed a new inventory management system at the beginning of Year 1. Shown below are data from the company's accounting records reported Year 1 Year 2 Sales revenue $16,000,000 $20,000,000 Cost of goods sold 8,000,000 9.800,000 Beginning inventory 1.125.000 1,192,500 Ending inventory 1.192.500 1.350,000 Calculate the company's (a) inventory turnover and (b) days sales in inventory for both years. Round to two decimals. Use the rounded answers in your calculations. (a) Inventory turnover (h) Days' sales in inventory Year 1 1.73 x 210.98 x Year 2 1.93 X 189.12