Inventory Costing MethodsPeriodic Method

The Lippert Company uses the periodic inventory system. The following July data are for an item in Lipperts 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