Question
Tamarisk, Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date Units
Tamarisk, Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.
Date Units Unit Cost Sales Units
July 1 7 $53
July 6 5
July 11 3 $56
July 14 3
July 21 4 $60
July 27 3
Calculate the average cost for each unit. (For calculation and answers purposes round unit costs to 3 decimal places, e.g. 15.125.)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.)
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