Wildhorse 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		5		$166
July	6						3
July	11		6		$180
July	14						5
July	21		7		$191
July	27						5

(a1)

Correct answer iconYour answer is correct.

Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.)

July1

$ 166

July6

$ 166

July11

$ 176.50

July 14

$ 176.50

July21

$ 186.65

July27

$ 186.65

(a2)

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.)

FIFO $ =

MOVING-AVERAGE $ =

LIFO $ =

The ending inventory under a perpetual inventory system