Question
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 435 pairs of shoes at $64 each in June, 970 pairs in August at $66
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 435 pairs of shoes at $64 each in June, 970 pairs in August at $66 each, and 620 pairs in December at $69 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.
FIFO
LIFO
Weighted Average
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Sales 1875 Ending inventory FIFO 4359706201875 150 pairs Co...
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 1
1119048508, 978-1119048503
