Essay
Zippy Shoe Co.uses a periodic inventory system.Zippy purchased 800 pairs of shoes at $70 each in June,2,000 pairs in August at $72 each,and 1,200 pairs in December at $75 each.Zippy sold 3,800 pairs of shoes during the year.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
a.FIFO
b.LIFO
c.Weighted Average
Correct Answer:
Verified
Correct Answer:
Verified
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