Farman Appliance Mart_ending inventory under a perpetual inventory system

Question # 00005251 Posted By: ACCOUNTS_GURU Updated on: 12/13/2013 08:21 AM Due on: 12/31/2014
Subject Accounting Topic Accounting Tutorials:
Question

Problem 6-9A

Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.

Purchases
Date Units Unit Cost Sales Units
May 1 210 \$153
May 4 120
May 8 240 \$173
May 12 150
May 15 180 \$188
May 20 90
May 25 120

Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25. (Round answers to 3 decimal places, e.g. \$105.252.)
Average cost for each unit
May 1 \$ 153
May 4 \$ 153
May 8 \$ 167.545
May 12 \$ 167.545
May 15 \$ 177.772
May 20 \$ 177.772
May 25 \$ 177.772

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. \$2,150.)

The ending inventory under a perpetual inventory system
1) FIFO
2)MOVING-AVERAGE
3)LIFO

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1. Solution: Farman Appliance Mart_ending inventory under a perpetual inventory system

Tutorial # 00005057 Posted By: ACCOUNTS_GURU Posted on: 12/13/2013 08:23 AM
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