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Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 430 pairs of shoes at $77 each in June, 955 pairs in August at $79
Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 430 pairs of shoes at $77 each in June, 955 pairs in August at $79 each, and 630 pairs in December at $82 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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