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Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Table
Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Table Date - Units - Unit Cost - Sales Units July 1 12 units $105 July 6 8 sales units July 11 5 units $111 July 14 5 sales units July 21 7 units $120 July 27 5 sales units 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.)
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