Accounting 1 question : 6 hours

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Wittmann 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		215		$122
July	6						129
July	11		301		$136
July	14						215
July	21		344		$147
July	27						215


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Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.)

		Average cost for each unit
July	1	$

July	6	$

July	11	$

July	14	$

July	21	$

July	27	$

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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 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.)

		FIFO		MOVING-AVERAGE		LIFO
The ending inventory under a perpetual inventory system		$		$		$

132.89

122