Sunland Company began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 July 1 July 6 July 11 July 14 July 21 July 27 $ $ $ $ Units $ Purchases 12 5 Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.) 7 Unit Cost $110 $117 $126 Sales Units 9 5 The ending inventory under a perpetual inventory system 5 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.) FIFO Which costing method produces the highest ending inventory valuation? method produces the highest ending inventory valuation. MOVING-AVERAGE LIFO