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

July140$126
July632
July1156$141
July1424
July2164$153
July2748

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

July1

$Entry field with incorrect answer now contains modified data

July 6

$Entry field with incorrect answer now contains modified data

July11

$Entry field with incorrect answer now contains modified data

July14

$Entry field with incorrect answer now contains modified data

July21

$Entry field with incorrect answer now contains modified data

July27

$Entry field with incorrect answer now contains modified data


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

$Entry field with incorrect answer now contains modified data

$Entry field with incorrect answer now contains modified data

$Entry field with incorrect answer now contains modified data


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