Lemansky Co. began operations on July 1. It uses a perpetual inventory system.

$ 47,000 532,000 740,000 140,000 During July, the company had the following purchases and sales.

Date July 1 July 6 July 11 July 14 July 21 July 27 Instructions

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

(2) moving-average cost, and (3) LIFO.

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