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

Yang 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.
(b) Which costing method produces the highest ending inventoryvaluation?

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

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a 1 FIFO Date Purchases Cost of Goods Sold Balance July 1 5 HK120 HK 600 5 HK120 HK 600 6 ... View full answer

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