Perpetual: LIFO and Moving-Average

The beginning inventory, purchases, and sales for Harrington Equipment Company for the month of August are shown.

Date	Beginning Inventory and Purchases		Sales
	Units	Cost/Unit	Units
Aug. 1 (BI)	100	$7.90
	150	8.00
	250	8.30
Aug. 15	300	8.60
Aug. 31			660

BI: Beginning Inventory

Required:

Calculate the total amount to be assigned to cost of goods sold for August and the ending inventory on August 31, under each of the following methods. In your calculations round the average unit cost to two decimal places and answers to the nearest dollar.

	Cost of Goods Sold	Inventory on Hand
1. Perpetual LIFO inventory method	$fill in the blank 1	$fill in the blank 2
2. Perpetual moving-average inventory method	$fill in the blank 3	$fill in the blank 4