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?