Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.
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Purchases
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Date
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Units
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Unit Cost
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Sales Units
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May 1
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203
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$141
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May 4
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116
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May 8
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232
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$161
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May 12
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145
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May 15
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174
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$176
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May 20
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87
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May 25
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116
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(a1) Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25.
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Average cost for each unit
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May 1
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$141
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May 4
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$141
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May 8
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$155.545
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May 12
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$155.545
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May 15
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$165.773
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May 20
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$165.773
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May 25
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$165.773
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(A2)
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. the ending inventory under a perpetual inventory system.
FIFO MOVING AVERAGE LIFO
$ $ $