Lyon Center began operations on July 1. It uses a perpetualinventory system. During July, the company had the followingpurchases and sales.
| | Purchases | | |
Date | | Units | | Unit Cost | | Sales Units |
| July 1 | | 7 | | $62 | | |
| July 6 | | | | | | 5 |
| July 11 | | 3 | | $66 | | |
| July 14 | | | | | | 3 |
| July 21 | | 4 | | $71 | | |
| July 27 | | | | | | 3 |
New attempt is in progress. Some of the new entries may impactthe last attempt grading.Your answer is incorrect.
Calculate average cost for each unit. (Forcalculation and answers purpose round unit costs to 2 decimalplaces, e.g. 15.25.)
July 1 | | $ |
July 6 | | $ |
July 11 | | $ |
July 14 | | $ |
July 21 | | $ |
July 27 | | $ |
eTextbook and Media
List of Accounts
Incorrect answer iconYour answer is incorrect.
Determine the ending inventory under a perpetual inventorysystem using (1) FIFO, (2) moving-average, and (3) LIFO.(For calculation and answers purpose round unit coststo 2 decimal places, e.g. 15.25 and ending inventory values to 0decimal places, e.g. 515.)
| | FIFO | | MOVING-AVERAGE | | LIFO |
| The ending inventory under a perpetual inventory system | | $ | | $ | | $ |
eTextbook and Media
List of Accounts
Correct answer iconYour answer is correct.
Which costing method produces the highest ending inventoryvaluation?
| Average-costFIFOLIFO method produces thehighest ending inventory valuation. |
