Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the...

Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

Date:

July 1: 8 units $110 cost of units

July 6: 7 sales units

July 11: 12 units $126 cost of units

July 14: 5 sales units

July 21: 13 units $137 cost of units

July 27: 10 sales units

a) Calculate the average cost per unit at July 1, 6, 11, 14, 21, & 27.

b) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO

c) Which costing method produces the highest ending inventory valuation?

Expert Solution

ekkarill92 answered 2 years ago

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