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: 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. round your final answers to the nearest dollar. a. first-in, first-out: ending inventory $ 600 x cost of goods sold: $ 545 x b. last-in, first-out: ending inventory 710 x cost of goods sold: $ 435 x weighted-average cost: ending inventory $ 654 x cost of goods sold $ 491 x

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?