Save-U-More Center began operations on July 1. It uses a perpetual inventory Determine ending inventory system. During July the company had the following purchases and sales. under a perpetual inventory System.

Purchases (SO3 7}

Date Units Unit Cost Sales Units July 1 6 $31 July 6 4 July 11 5 $34 July 14 3 July 21 3 $36 July 27 2 Instructions

(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, FIFO $176

(2) average cost, and (3) LIFO. (Note: For average cost, round cost per unit to three Average $172 decimal places.) LIFO $166

(b) Which costing method produces the highest ending inventory valuation?