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Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 430 pairs of shoes at $69 each in June, 990 pairs in August at $71
Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 430 pairs of shoes at $69 each in June, 990 pairs in August at $71 each, and 620 pairs in December at $74 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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