Determine ending inventory under perpetual inventory system

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Reference no: EM13165192

Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.

	Purchases
Date	Units	Unit Cost	Sales Units
May 1	203	$141
May 4			116
May 8	232	$161
May 12			145
May 15	174	$176
May 20			87
May 25			116

(a1) Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25.

		Average cost for each unit
May 1		$141

May 4		$141

May 8		$155.545

May 12		$155.545

May 15		$165.773

May 20		$165.773

May 25		$165.773

(A2)

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. the ending inventory under a perpetual inventory system.

FIFO MOVING AVERAGE LIFO

$ $ $

Reference no: EM13165192

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