Lambert 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 13 $115
July 6 9
July 11 6 $122
July 14 6
July 21 7 $132
July 27 6
Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e. g. 15.25 and ending inventory values to 0 decimal places, e. g. 515.)
July 1
$
July 6
$
July 11
$
July 14
$
July 21
$
July 27
$
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e. g. 15.25 and ending inventory values to 0 decimal places, e. g. 515.)
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