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The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 40

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The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 40 units @ 10 Purchased $9 per unit 60 units @ $10 70 units @ per unit 15 Sold 26 Purchased 35 units @ $11 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 $ Cost of Goods Sold: $ B. Last-in, first-out: Ending Inventory $ Cost of Goods Sold: $ C. Weighted-average cost: Ending Inventory $ Cost of Goods Sold $

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