Question

In: Accounting

Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...

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 40 units @ $9 per unit
10 Purchased 60 units @ $10 per unit
15 Sold 70 units @
26 Purchased 35 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.

A. First-in, First-out:
Ending Inventory
Cost of Goods Sold:
B. Last-in, first-out:
Ending Inventory
Cost of Goods Sold:
C. Weighted-average cost:
Ending Inventory
Cost of Goods Sold

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
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 40 units @ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units @ 26 Purchased 35 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...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
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 40 units @ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units @ 26 Purchased 35 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...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
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 40 units @ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units @ 26 Purchased 35 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...
The Lippert Company uses the periodic inventory system. The following July data are for an item...
The Lippert Company uses the periodic inventory system. The following July data are for an item in loppers inventory: July 1 Beginning Inventory 100 units@ $8 per unit 10 Purchased 120 units@ $9 per unit 15 sold 130 units@ 26 Purchased 95 units@ $10 per unit Calculate the cost of goods sole 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...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 210 units @ $36 per unit 12 Purchased 160 units @ $41 per unit 16 Sold 240 units @ 24 Purchased 220 units @ $42 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods....
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 310 units @ $30 per unit 12 Purchased 260 units @ $35 per unit 16 Sold 340 units @ 24 Purchased 160 units @ $36 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods....
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 164 units @ $30 per unit 12 Purchased 140 units @ $35 per unit 16 Sold 220 units @ 24 Purchased 300 units @ $36 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods....
The Lippert Company uses the perpetual inventory system. The following July data are for an item...
The Lippert Company uses the perpetual inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 60 units @ $11 per unit 10 Purchased 80 units @ $12 per unit 15 Sold 90 units @ 26 Purchased 55 units @ $13 per unit Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the...
Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system. March...
Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system. March 1 Beginning inventory 110 units of Product M @ $1,590 total cost 6 Purchased 210 units of Product M @ $3,600 total cost 10 Purchased 160 units of Product M @ $3,000 total cost 15 Sold 190 units of Product M Calculate the March cost of goods sold and the ending inventory at March 31 using (a) first-in, first-out, (b) last-in, first-out, and (c)...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system August...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system August 1 Beginning Inventory 150 Units of product A @ $1700 total cost 5 Purchased 170 Units of product A @ $2716 total cost purchased 270 Units of product A @ $5716 total cost Sold 230 Units of product A @ Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT