Question

(Please answer the LIFO and the weighted average cost)

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

Answer 1