Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following pur and sales. Date July 1 July July 11 July 14 July 21 July 27 6 Purchases Units Unit Cost $130 5 6 7 $144 $155 Sales Units 3 5 5

FINANCIAL ACCOUNTING
10th Edition
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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(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 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.)
The ending inventory under a perpetual inventory system
$
FIFO
$
MOVING-AVERAGE
$
Transcribed Image Text:(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 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.) The ending inventory under a perpetual inventory system $ FIFO $ MOVING-AVERAGE $
Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases
and sales.
Date
July 1
July 6
July 11-
July 14
July 21
July 27
(a1)
Units Unit Cost
July 1
Purchases
July
5
6
July 21
7
July 27
July 6 $
July 11 $
$
Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to 0 decimal places and final answers
to 3 decimal places, e.g. $105.501.)
14 $
SA
$130
$
$144
Average cost for each unit
$
$155
Sales Units
3
5
5
Transcribed Image Text:Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11- July 14 July 21 July 27 (a1) Units Unit Cost July 1 Purchases July 5 6 July 21 7 July 27 July 6 $ July 11 $ $ Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. $105.501.) 14 $ SA $130 $ $144 Average cost for each unit $ $155 Sales Units 3 5 5
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