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 0 $ a. FIFO b. LIFO 24 c. Weighted average $

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 0 $ a. FIFO b. LIFO 24 c. Weighted average $

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Description: Question 10 Not completeMarked out of 6.00P Flag questionInventory Costing MethodsThe 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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