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Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July...

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Accounting

Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:

July 1 Beginning inventory 1,330 units @ $20 per unit
10 Purchased 1,350 units @ $21 per unit
15 Sold 1,360 units @
26 Purchased 1,325 units @ $22 per unit

Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.

A. First-in, First-out:
Ending Inventory

Answer
Cost of Goods Sold:

Answer
B. Last-in, first-out:
Ending Inventory

Answer
Cost of Goods Sold:

Answer
C. Weighted-average cost:
Ending Inventory

Answer
Cost of Goods Sold

Answer

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