Question
Flint Corporation began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date
Flint Corporation 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 | 7 | $89 | ||||
July 6 | 5 | |||||
July 11 | 3 | $94 | ||||
July 14 | 3 | |||||
July 21 | 4 | $102 | ||||
July 27 | 3 |
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 3 decimal places, e.g. 15.125 and ending inventory values to 0 decimal places, e.g. 515.)
FIFO | MOVING-AVERAGE | LIFO | ||||
---|---|---|---|---|---|---|
The ending inventory under a perpetual inventory system | $enter the ending inventory under a perpetual inventory system in dollars | $enter the ending inventory under a perpetual inventory system in dollars | $enter the ending inventory under a perpetual inventory system in dollars |
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