Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the...

Transcribed Image Text:

Cullumber 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 $144 July 6 3 July 11 7 $154 July 14 July 21 8 $165 July 27 5 (a1) Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to O decimal places and final answers to 3 decimal places, e.g. $105.501.) Average cost for each unit July 1 $ July 6 $ July 11 $ July 14 $ July 21 $ July 27 $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (a2) 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 O decimal places, e.g. 1,250.) (b) FIFO The ending inventory under a perpetual inventory system $ eTextbook and Media Save for Later Which costing method produces the highest ending inventory? eTextbook and Media Save for Later MOVING-AVERAGE $ Attempts: 0 of 5 used Submit Answer Attempts: 0 of 5 used Submit Answer Cullumber 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 $144 July 6 3 July 11 7 $154 July 14 July 21 8 $165 July 27 5 (a1) Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to O decimal places and final answers to 3 decimal places, e.g. $105.501.) Average cost for each unit July 1 $ July 6 $ July 11 $ July 14 $ July 21 $ July 27 $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (a2) 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 O decimal places, e.g. 1,250.) (b) FIFO The ending inventory under a perpetual inventory system $ eTextbook and Media Save for Later Which costing method produces the highest ending inventory? eTextbook and Media Save for Later MOVING-AVERAGE $ Attempts: 0 of 5 used Submit Answer Attempts: 0 of 5 used Submit Answer