Solution-Calculate the cost of goods sold for July

Calculate the cost of goods sold for July

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Question - The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:

July 1 Beginning inventory 130 units @ $8 per unit 10 Purchased 150 units @ $9 per unit 15 Sold 160 units @ 26 Purchased 125 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.

Reference no: EM132576575

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Calculate the cost of goods sold for July

Reference no: EM132576575

Reference no: EM132576575

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