70.2K

Verified Solution

Link Copied!

Sandhill Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date (a2) July July 6 July 11 July 14 July 21 July 27 (al) July July 1 Units 1 July 27 $ 6 S July 11 $ Purchases Your answer is correct. July 14 $ July 21 $ 5 $ 6 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, eg. $105.501) 7 Unit Cost $170 $184 $195 Average cost for each unit eTextbook and Media Sales Units perpetual inventory system 15 170 170 180.50 Your answer is partially correct. 180.50 190.65 190.65 3 5 5 Determine the ending inventory under a perpetual inventory system usi (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, eg. 12.520 and final answer to 0 decimal places, eg 1,250) FIFO 975 $ MOVING-AVERAGE 850 Attempts: 3 of 5 used $ LIFO 953 Question List Question 1 Accounting Dropdown Question 2 Accounting Multistep Question 3 Accounting Dropdown Question 4 Accounting Dropdown Question 5 Accounting Dropdown Question 6 Accounting Multist.ep Viewing Question 7 Accounting Multistep 4/4 Correct 4/4 Correct 4/4 Correct 4/4 Correct 4/4 Correct 8.13/10 Partially correct 7.78/10 Partially correct SUPPORT

ino rater. (a1) Mouranuir ircomea. (a2)

Answer & Explanation Solved by verified expert

See Answer