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 30 units o $9 per unit 10 Purchased 15 Sold 26 Purchased 50 units $10 per unit 60 units 25 units @ $11 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.

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 30 units o $9 per unit 10 Purchased 15 Sold 26 Purchased 50 units $10 per unit 60 units 25 units @ $11 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.

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Description: Inventory Costing Methods-Periodic MethodThe Lippert Company uses the periodic inventory system. The following Julydata are for an item in Lippert's inventory:July 1 Beginning inventory 30 units o $9 per unit10 Purchased15 Sold26 Purchased50 units $

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 5.12AMCP

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