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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
 
 
 
 
 
   
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