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Piper Pipes has the following inventory data: Date Transaction Unit Quantity Unit Price Extended Price 7/1/2022 Beginning Inventory 50 $110 $5,500 7/5/2022 Purchased 300 $112
Piper Pipes has the following inventory data: Date Transaction Unit Quantity Unit Price Extended Price 7/1/2022 Beginning Inventory 50 $110 $5,500 7/5/2022 Purchased 300 $112 $33,600 7/14/2022 Sold 2001 $135 $27,000 7/21/2022 Purchased 150 $114 $17,100 7/30/2022 Sold 140 $135 $18.900 Assuming that a periodic inventory system is used, answer each of the following. What is the cost of goods sold on a a) LIFO basis? b) FIFO basis? c) Weighted-average basis
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