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Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units @ $9 per unit. 15 Sold 60 units @ 26 Purchased 25 units @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 24 b. LIFO 2$ 0 $ c. Weighted average $ o o o

Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units @ $9 per unit. 15 Sold 60 units @ 26 Purchased 25 units @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 24 b. LIFO 2$ 0 $ c. Weighted average $ o o o

Financial Accounting: The Impact on Decision Makers
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 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units @ $9 per unit. 15 Sold 60 units @ 26 Purchased 25 units @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 2$ 0 $ b. LIFO 2$ 0 $ c. Weighted average $ 0 $ Check
Transcribed Image Text:Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $8 per unit. 10 Purchased 50 units @ $9 per unit. 15 Sold 60 units @ 26 Purchased 25 units @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 2$ 0 $ b. LIFO 2$ 0 $ c. Weighted average $ 0 $ Check
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