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Calculate the company ending inventory and cost of goods

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Reference no: EM132420687

Zippy Shoe Co. uses a periodic inventory system. Zippy purchased 440 pairs of shoes at $78 each in June, 980 pairs in August at $80 each, and 600 pairs in December at $83 each. Zippy sold 1,895 pairs of shoes during the year.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

  1. FIFO
  2. LIFO
  3. Weighted Average

Reference no: EM132420687

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