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Which costing method produces the highest ending

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Reference no: EM13531035

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

Date

Units

Unit Cost

Sales Units

Jul-01

7

$62

Jul-06

5

Jul-11

3

$66

Jul-14

3

Jul-21

4

$71

Jul-27

3

Instructions

(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average (round unit cost to three decimal places), and (3) LIFO.

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

Reference no: EM13531035

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