Pharoah Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 4 $140 July 6 3 July 11 7 $150 July 14 6 July 21 8 $161 July 27 5 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. $105.501.) Average cost for each unit July 1 $enter a dollar amount rounded to 3 decimal places July 6 $enter a dollar amount rounded to 3 decimal places July 11 $enter a dollar amount rounded to 3 decimal places July 14 $enter a dollar amount rounded to 3 decimal places July 21 $enter a dollar amount rounded to 3 decimal places July 27 $enter a dollar amount rounded to 3 decimal places Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $enter a dollar amount $enter a dollar amount $ENTER A DOLLAR AMT

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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

			Purchases
Date		Units		Unit Cost		Sales Units
July	1		4		$140
July	6						3
July	11		7		$150
July	14						6
July	21		8		$161
July	27						5

Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. $105.501.)

		Average cost for each unit
July	1	$enter a dollar amount rounded to 3 decimal places
July	6	$enter a dollar amount rounded to 3 decimal places
July	11	$enter a dollar amount rounded to 3 decimal places
July	14	$enter a dollar amount rounded to 3 decimal places
July	21	$enter a dollar amount rounded to 3 decimal places
July	27	$enter a dollar amount rounded to 3 decimal places

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)

	FIFO	MOVING-AVERAGE	LIFO
The ending inventory under a perpetual inventory system	$enter a dollar amount	$enter a dollar amount	$ENTER A DOLLAR AMT

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