Question
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
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.
I got the answers for a and c but, I still cant figure out b.
Last-in, first-out:
Ending Inventory 1430 but it is wrong
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