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Determine ending inventory under perpetual inventory system

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Reference no: EM13526358

Fontana Co. began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.

Purchase

Date

Units

Unit Cost

Sales Units

July 1

5

$120

July 6

4

July 11

7

$136

July 14

3

July 21

8

$147

July 27


Instructions

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

(b) Which costing method produces the highest ending inventory valuation?

Reference no: EM13526358

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