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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

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

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 11 months ago
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