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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
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 | 130 | units @ | $8 | per unit |
10 | Purchased | 150 | units @ | $9 | per unit | |
15 | Sold | 160 | units @ | |||
26 | Purchased | 125 | 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.
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