Question: Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers

Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.

Date

Transaction

Units In

Unit Cost

Total

Units Sold

Selling Price

Total

July 1 Balance 180 $3.71 $ 668
6 Purchase 1,440 3.42 4,925
7 Sale 540 $7.00 $ 3,780
10 Sale 540 7.22 3,899
12 Purchase 720 4.54 3,269
15 Sale 360 7.53 2,711
18 Purchase 540 5.23 2,824
22 Sale 720 7.90 5,688
25 Purchase 900 5.01 4,509
30 Sale 360 8.18 2,945
Totals 3,780 $16,195 2,520 $19,023

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