Question
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 405 pairs of shoes at $79 each in June, 955 pairs in August at $81
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 405 pairs of shoes at $79 each in June, 955 pairs in August at $81 each, and 630 pairs in December at $84 each. Zippy sold 1,900 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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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
