# I have no idea where to start

Anonymous
timer Asked: Jan 20th, 2016

Question description

I have no idea where to start with this Accounting question... My book doesn't really explain that well...

Terando 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 40 \$126 July 6 32 July 11 56 \$141 July 14 24 July 21 64 \$153 July 27 48

Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, e.g. \$105.250.)

 Average cost for each unit July 1 \$ July 6 \$ July 11 \$ July 14 \$ July 21 \$ July 27 \$

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.)

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

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