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Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the...

Lyon Center 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 7 $62
July 6 5
July 11 3 $66
July 14 3
July 21 4 $71
July 27 3

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Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)

July 1

 $

July 6

 $

July 11

 $

July 14

 $

July 21

 $

July 27

 $

eTextbook and Media

List of Accounts

Incorrect answer iconYour answer is incorrect.

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

FIFO

MOVING-AVERAGE

LIFO
The ending inventory under a perpetual inventory system $ $ $

eTextbook and Media

List of Accounts

Correct answer iconYour answer is correct.

Which costing method produces the highest ending inventory valuation?

                                                                      Average-costFIFOLIFO method produces the highest ending inventory valuation.

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Expert Solution

ekkarill92 answered 10 months ago
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