Question: Lemansky Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Instructions (a)

Lemansky Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

Instructions
(a) Determine the ending inventory under a perpetual inventory system using
(1) FIFO,
(2) Moving-average cost,
(3) LIFO.
(b) Which costing method produces the highest ending inventoryvaluation?

Purchases Date Units Sales Units July 1 July 6 July 11 July 14 July 21 uly 27 Unit Cost $120 $136 $147 3 4 6

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a 1 FIFO Date Purchases Cost of Goods Sold Balance July 1 5 120 600 5 120 600 6 3 120 360 2 120 240 ... View full answer

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