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Lambert Center 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 12 $105
July 6 8
July 11 5 $111
July 14 5
July 21 7 $120
July 27 5

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.)

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939374

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