The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 130 units @ $8 per unit 10 Purchased 150 units @ $9 per unit 15 Sold 160 units @ 26 Purchased 125 units @ $10 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.
The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 130 units @ $8 per unit 10 Purchased 150 units @ $9 per unit 15 Sold 160 units @ 26 Purchased 125 units @ $10 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.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.12MCP
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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 | 130 | units @ | $8 | per unit |
| 10 | Purchased | 150 | units @ | $9 | per unit | |
| 15 | Sold | 160 | units @ | |||
| 26 | Purchased | 125 | units @ | $10 | 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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