Compute the ending inventory and cost of goods sold under each of the following inventory costing methods. 

a. Weighted average 

b. FIFO

 c. LIFO

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Princess Company's accounting records show the following for the month of July. sold 250 units @ 22 sold 300 units @ 23 sold 475 units @ 24 sold 400 units @ 25 July 1 balance 300 units @ $10 July 7 purchased 500 units @ $11 July 15 purchased 700 units @ $12 July 22 purchased 400 units @ $13 The company uses the periodic inventory system. July 6 July 11 July 18 July 11 Princess Company's accounting records show the following for the month of July. sold 250 units @ 22 sold 300 units @ 23 sold 475 units @ 24 sold 400 units @ 25 July 1 balance 300 units @ $10 July 7 purchased 500 units @ $11 July 15 purchased 700 units @ $12 July 22 purchased 400 units @ $13 The company uses the periodic inventory system. July 6 July 11 July 18 July 11

Answer rating: 100% (QA)

To compute the ending inventory and cost of goods sold under each of the inventory costing methods Weighted Average FIFO and LIFO we need to calculate the cost of goods available for sale and then all... View the full answer