Question: Inventory Costing Methods - Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:

 Inventory Costing Methods-Periodic Method The Luann Company uses the periodic inventory

Inventory Costing Methods-Periodic Method
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:
\table[[July,1,Beginning inventory,30,units @,$9,per unit],[,10,Purchased,50,units @,$11,per unit],[,15,Sold,60,units,,],[,26,Purchased,25,units @,$13,per unit]]
Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar.
\table[[A.,First-in, First-out:,],[,Ending Inventory,$
system. The following July data are for an item in Luann's inventory:

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