Sign In Sign Up Ask an AI advisor
lilpeepxliltracy
lilpeepxliltracy
20.09.2020 • 
Business

Novak Corp. 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 9 $81
July 6 7
July 11 4 $86
July 14 4
July 21 5 $92
July 27 4

Calculate average cost for each unit.

July 1 $
July 6 $
July 11 $
July 14 $
July 21 $
July 27 $

Required:
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving average, and (3) LIFO.

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

Solved
Show answers

Ask an AI advisor a question

I want advice