P8-5 (L03) (Compute FIFO, LIFO, and Average-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, No. of Units Unit Cost $3.00 3.20 3.30 3.40 3.50 Balance, No. of Units 1,200 500 1,100 600 1,300 200 1,500 700 2,300 1,000 Date No. of Units 1,200 600 January 2 700 10 13 18 20 23 26 28 31 500 300 1,100 1,000 1,300 1,600 800 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 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 withdrawal, 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.)