Question: Help with fifo moving avg and lifo Problem 6-09A a1-a2, b (Part Level Submission) Blossom Co. began operations on July 1. It uses a perpetual

 Help with fifo moving avg and lifo Problem 6-09A a1-a2, b(Part Level Submission) Blossom Co. began operations on July 1. It uses

Help with fifo moving avg and lifo

a perpetual inventory system. During July, the company had the following purchasesand sales. Purchases Date Units Unit Cost Sales Units July 1 5

Problem 6-09A a1-a2, b (Part Level Submission) Blossom 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 5 $177 July 6 July 11 $191 July 14 July 21 7 $202 July 27 5 (al) Your answer is partially correct. Try again. Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for each unit July 1 177 July 6 177 July 11 187.50 July 14 187.50 July 21 187.50 July 27 197.65 Click if you would like to Show Work for this question: Open Show Work(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 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $ S Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!