Savings Center began operations on July 1. It uses a perpetual inventory system.

under a perpetual inventory During July the company had the following purchases and sales.

system.

IS Sach Purchases Date Units Unit Cost Sales Units July 1 a $ 93 July 6 3 July 11 4 $ 99 July 14 3 July 21 3 $106 July 27 5 FIFO $318 Instructions Average $300

(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, LIFO $279 (2) average cost (round unit cost to three decimal places), and (3) LIFO.