Wildhorse Co. 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 | 5 | $166 | ||||
July | 6 | 3 | |||||
July | 11 | 6 | $180 | ||||
July | 14 | 5 | |||||
July | 21 | 7 | $191 | ||||
July | 27 | 5 |
(a1)
Correct answer iconYour answer is correct.
Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.)
July1
$ 166
July6
$ 166
July11
$ 176.50
July 14
$ 176.50
July21
$ 186.65
July27
$ 186.65
(a2)
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.)
FIFO $ =
MOVING-AVERAGE $ =
LIFO $ =
The ending inventory under a perpetual inventory system
Answer with working is given below
Wildhorse Co. began operations on July 1. It uses a perpetual inventory system. During July, the...
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