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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 @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 2$ b. LIFO 2$ c. Weighted average $ 0 $ o o

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 @ $10 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO 2$ b. LIFO 2$ c. Weighted average $ 0 $ o o

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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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 0 $ b. LIFO 0 $ c. Weighted average $ 0 $
Transcribed Image Text: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 0 $ b. LIFO 0 $ c. Weighted average $ 0 $
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