Premier Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.
| Date Don't use plagiarized sources. Get Your Custom Essay on premier center began operations on july 1 it uses a perpetual inventory system durin 533837 For $10/Page 0nly | Units | Unit Cost | Sales Units |
| Jul-01 | 7 | $62 | |
| Jul-06 | 5 | ||
| Jul-11 | 3 | $66 | |
| Jul-14 | 3 | ||
| Jul-21 | 4 | $71 | |
| Jul-27 | 3 |
Instructions
(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average (round unit cost to three decimal places), and (3) LIFO.
(b) Which costing method produces the highest ending inventory valuation?
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