Lyon Center 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		$ 62
July 6						5
July 11		3		$ 66
July 14						3
July 21		4		$ 71
July 27						3

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Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)

July 1		$
July 6		$
July 11		$
July 14		$
July 21		$
July 27		$

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List of Accounts

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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		$		$		$

eTextbook and Media

List of Accounts

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Which costing method produces the highest ending inventory valuation?

Average-cost method produces the highest ending inventory valuation.