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Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date
Terando Co. 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 | 20 | $114 | ||||
July | 6 | 16 | |||||
July | 11 | 28 | $130 | ||||
July | 14 | 12 | |||||
July | 21 | 32 | $140 | ||||
July | 27 | 24 |
1. Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27
2.Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO
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