Assignment
Sweet Acacia Industries began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.
| Purchases | Purchases |
|
| Date |
Units |
Unit Cost |
Sales Units |
| July 1 |
8 |
$71 |
|
| July 6 |
|
|
6 |
| July 11 |
3 |
$76 |
|
| July 14 |
|
|
3 |
| July 21 |
5 |
$82 |
|
| July 27 |
|
|
3 |
Calculate average cost for each unit. (For calculation and answeres purpose round costs to 2 decimal places e.g. 15.25)
| July 1 |
$ 71.00 |
| July 6 |
$71 |
| July 11 |
$74 |
| July 14 |
$74 |
| July 21 |
$79.71 |
| July 27 |
$79.71 |
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answeres purposes round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.