Quality Center began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.
Purchases
Date Units Unit Cost Sales Units
July 1 7 $62
July 6 3
July 11 4 $66
July 14 3
July 21 3 $71
July 27
(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) average cost, and (3) LIFO. (For average cost computations, round the per unit cost to 3 decimal places, e.g. 50.215. Round final answers to 0 decimal places, e.g. 250.)