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The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's invento July 1 Beginning inventory 130
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's invento July 1 Beginning inventory 130 10 Purchased 15 Sold units @ $8 per unit 150 units @ $9 per unit 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 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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