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Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 405 pairs of shoes at $65 each in June, 965 pairs in August at $67

Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 405 pairs of shoes at $65 each in June, 965 pairs in August at $67 each, and 610 pairs in December at $70 each. Zippy sold 1,875 pairs of shoes during the year.

Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

  1. FIFO
  2. LIFO
  3. Weighted Average

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