29 Jun Question Problem 6-9A
Question
Problem 6-9A
Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.
Purchases
Date Units Unit Cost Sales Units
May 1 210 $153
May 4 120
May 8 240 $173
May 12 150
May 15 180 $188
May 20 90
May 25 120
Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25. (Round answers to 3 decimal places, e.g. $105.252.)
Average cost for each unit
May 1 $ 153
May 4 $ 153
May 8 $ 167.545
May 12 $ 167.545
May 15 $ 177.772
May 20 $ 177.772
May 25 $ 177.772
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.)
The ending inventory under a perpetual inventory system
1) FIFO
2)MOVING-AVERAGE
3)LIFO
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