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

Premier Center 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 (round unit cost to three decimal places), and(3) LIFO.(b) Which costing method produces the highest ending inventoryvaluation?

Purchases Unit Cost Sales Units Date Units July 1 July 6 July 11 July 14 July 21 July 27 $62 5 $66 3. $71 4 3 3.

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