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Problem - 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 930 units @ $15 per unit
July 10 Purchased 950 units @ $16 per unit
July 15 Sold 960 units @
July 26 Purchased 925 units @ $17 per unit
Required - 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.
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