Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average…

Buffet 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

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Units

Unit Cost

Sales Units

May 1

7

$150

4

4

8

8

$170

12

5

15

6

$185

20

3

254

Instructions

(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO.

(b) Which costing method produces (1) the highest ending inventory valuation and (2) the lowest ending inventory valuation?

 

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