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

Transcribed Image Text:

Purchases Units Un Cost Ses Units Date July 1 July 6 July 11 July 14 July 21 July 27 $62 $66 $71