Ivanhoe Co began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.
July 1; Units-5, Unit cost-138, Sales Units-0
July 6; Units-0, Unit cost-0, Sales Units-3
July 11; Units-6, Unit cost-152, Sales Units-0
July 14; Units 0, Unit cost-0, Sales Units-5
July 21; Units 7, Unit cost-163, Sales Units-0
July 27; Units 0, Unit cost-0, Sales Units-5
- Calculate the average cost per unit at July 1,6,11,14,21 and 27
- Determine the ending inventory under a perpetual inventory system using FIFO, LIFO and moving average cost
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