Question
Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 415 pairs of shoes at $71 each in June, 980 pairs in August at $73
Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 415 pairs of shoes at $71 each in June, 980 pairs in August at $73 each, and 640 pairs in December at $76 each. Zippy sold 1,895 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.
FIFO
LIFO
Weighted Average
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Accounting And Finance An Introduction
Authors: Eddie McLaney, Peter Atrill
10th Edition
1292312262, 978-1292312262
