2 Problem 8-05 (Part Level Submission) Some of the information found on a detail inventory card for Concord Inc. for the first month of operations is as follows. Received Issued, Balance, No. of Unit No. of No. of Date Units Cost Units Units January 1,700 $3.39 1,700 7 1,200 500 10 1,100 3.62 1,600 13 1,000 600 18 1,500 3.73 800 1,300 20 1,100 200 23 1,800 3.84 2,000 26 1,300 700 28 2,100 3.96 2,800 31 1,800 1,000 (al) Your answer is correct. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit 3.73 Click if you would like to Show Work for this question: Open Show Work Your answer is correct. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) (2) (3) FIFO LIFO Average-cost Ending Inventory 3,960 3,390 3,730 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT (b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) (1) (2) (3) FIFO LIFO Average-cost Would amount be same Yes Ending Inventory 3,730 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT