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Kingbird, Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date
Kingbird, Inc. 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 12 $ 60 July 6 10 July 11 8 $ 65 July 14 8 July 21 10 $ 70 July 27 9 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 MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $ 210 $ 3 $ 200
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