P8.5 (L03) (Compute FIFO and Average-Cost) Some of the information found on a detail inventory card for Cheng Ltd. for the first month of operations is as follows ( amounts in thousands). Date Received No. of Unit Units Cost 1,200 W3.00 Issued, No. of Units January 2 700 Balance, No. of Units 1,200 500 1.100 600 1,300 600 3.20 18 1,000 3.30 500 300 1,100 200 1,300 3.40 800 1,500 700 2,300 1,000 28 1,600 3.50 1,300 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 two decimal places and ending inventory to the nearest 1,000 yen.) 1. First-in, first-out (FIFO). 2. Average-cost. b. If the perpetual inventory record is kept in yen, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in 1 and 2 above be the same? Explain and compute