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Buffalo Industries began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date
Buffalo Industries began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units 12 $62 10 8 $67 July 1 July 6 July 11 July 14 July 21 July 27 8 10 $72 9 Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.) July 1 $ 62 July 6 $ 62 July 11 $ 66 July 14 ta 66 July 21 71 July 27 71 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 O decimal places, e.g. 515.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $ 216 ta $ $
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