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Ivanhoe Co. began operations on July 1 . It uses a perpetual inventory system. During July, the
company had the following purchases and sales. Calculate the average cost per unit at July 1 , 6 ,
11 , 14 , 21& 27. (Round intermedlate calculations to 0 decimal places and final answers to 3
declmal places, eg. $105.501 . Determine the ending inventory under a perpetual inventory
system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round overage-cost per unlt to
3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) Which costing
method produces the highest ending inventory?

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  • 1. Ivanhoe Co. began operations on July 1 . It uses a perpetual inventory system. During July, the company had the following purchases and sales. Calculate the average cost per unit at July 1 , 6 , 11 , 14 , 21& 27. (Round intermedlate calculations to 0 decimal places and final answers to 3 declmal places, eg. $105.501 . Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round overage-cost per unlt to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) Which costing method produces the highest ending inventory?