Pharoah 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 4 $140 July 6 3 July 11 7 $150 July 14 6 July 21 8 $161 July 27 5 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.) Average cost for each unit July 1 $enter a dollar amount rounded to 3 decimal places July 6 $enter a dollar amount rounded to 3 decimal places July 11 $enter a dollar amount rounded to 3 decimal places July 14 $enter a dollar amount rounded to 3 decimal places July 21 $enter a dollar amount rounded to 3 decimal places July 27 $enter a dollar amount rounded to 3 decimal places 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 0 decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $enter a dollar amount $enter a dollar amount $ENTER A DOLLAR AMT
Pharoah 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 4 $140 July 6 3 July 11 7 $150 July 14 6 July 21 8 $161 July 27 5 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.) Average cost for each unit July 1 $enter a dollar amount rounded to 3 decimal places July 6 $enter a dollar amount rounded to 3 decimal places July 11 $enter a dollar amount rounded to 3 decimal places July 14 $enter a dollar amount rounded to 3 decimal places July 21 $enter a dollar amount rounded to 3 decimal places July 27 $enter a dollar amount rounded to 3 decimal places 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 0 decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $enter a dollar amount $enter a dollar amount $ENTER A DOLLAR AMT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Pharoah 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
|
4 | $140 | ||||
July
|
6
|
3 | |||||
July
|
11
|
7 | $150 | ||||
July
|
14
|
6 | |||||
July
|
21
|
8 | $161 | ||||
July
|
27
|
5 |
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.)
Average cost for each unit
|
|||
---|---|---|---|
July
|
1
|
$enter a dollar amount rounded to 3 decimal places
|
|
July
|
6
|
$enter a dollar amount rounded to 3 decimal places
|
|
July
|
11
|
$enter a dollar amount rounded to 3 decimal places
|
|
July
|
14
|
$enter a dollar amount rounded to 3 decimal places
|
|
July
|
21
|
$enter a dollar amount rounded to 3 decimal places
|
|
July
|
27
|
$enter a dollar amount rounded to 3 decimal places
|
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 0 decimal places, e.g. 1,250.)
FIFO
|
MOVING-AVERAGE
|
LIFO
|
||||
---|---|---|---|---|---|---|
The ending inventory under a perpetual inventory system
|
$enter a dollar amount
|
$enter a dollar amount
|
$ENTER A DOLLAR AMT | |||
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education