Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

Instructions
(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO,
(2) moving-average (round unit cost to three decimal places), and (3) LIFO.
(b) Which costing method produces the highest ending inventory valuation?

Transcribed Image Text:

Purchases Date Us Unit Cost Sales Units July 1 July 6 July 11 July 14 July 21 July 27 $62 $66 $71 4