Question
Inventory Costing Methods--Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1
Inventory Costing Methods--Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory, 30 units @ $9 per unit. 10 Purchased 50 units @ $11 per unit. 15 Sold 60 units. 26 Purchased 25 units @ $13 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 the cost per unit to 3 decimal places and your final answers to the nearest dollar.
E6-2A. Inventory Costing Methods-Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory, 30 units @ \$9 per unit. 10 Purchased 50 units @ \$11 per unit. 15 Sold 60 units. 26 Purchased 25 units @ $13 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 the cost per unit to 3 decimal places and your final answers to the nearest dollarStep by Step Solution
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