Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data are for an iten in Lippert's inventory July 1 Beginning inventory 930 units @$15 per unit 950 units @ $16 per unit 10 Purchased 960 units @ 15 Sold 26 Purchased 925 units @ $17 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 weigh answers to the nearest dollar. A First-in, First-out: Ending Inventory Cost of Goods Sold B. Last-in, first-out Ending Inventory 0 x Cost of Goods Sold C. Weighted-average cost 0 x Ending Inventory 0 x Cost of Goods Sold