(Compute FIFO, LIFO, and A verage-Cost) Some of the information found on

(Compute FIFO, LIFO, and A verage-Cost) Some of the information found on

Compute FIFO, LIFO, and A verage-Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.

^Received _{Issued, Balance,}

Date		No. of Units		Unit Cost		No. of Units		No. of Units
January 2		1,200		$3.00				1,200
7						700		500
10		600		3.20				1,100
13						500		600
18		1,000		3.30		300		1,300
20						1,100		200
23		1,300		3.40				1,500
26						800		700
28		1,600		3.50				2,300
31						1,300		1,000

Instructions

(a) From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent and ending inventory to the nearest dollar.)

(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost.

(b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each with- drawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? Explain and compute. (Round average unit costs to four decimal places.)

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