Waterway Industries 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		13		$56
July 6						10
July 11		9		$60
July 14						9
July 21		12		$64
July 27						11

(a1)

Correct answer iconYour answer is correct.

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

July 1		$enter a dollar amount
July 6		$enter a dollar amount
July 11		$enter a dollar amount
July 14		$enter a dollar amount
July 21		$enter a dollar amount
July 27		$enter a dollar amount

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(a2)

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		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount