Crane Co. 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
July	1		5		$140
July	6						3
July	11		6		$160
July	14						5
July	21		7		$180
July	27						5

(a1)

	Your answer is correct.

Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.)

			Average cost for each unit
July	1		$140
July	6		$140
July	11		$155
July	14		$155
July	21		$172.50
July	27		$172.50

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(a2)

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.)

		FIFO		MOVING-AVERAGE		LIFO
The ending inventory under a perpetual inventory system		$		$		$