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:

July	1	Beginning inventory	1,330	units @	$20	per unit
	10	Purchased	1,350	units @	$21	per unit
	15	Sold	1,360	units @
	26	Purchased	1,325	units @	$22	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

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