Problem
Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 30 units @ $28 per unit. 10 Purchased 50 units @ $32 per unit. 15 Sold 60 units @ 26 Purchased 25 units @ $35 per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (i) first-in, first-out, (ii) last-in, first-out, and (iii) the weighted-average cost methods.