P8-5 (L03) (Compute FIFO, LIFO, and Average-Cost) Some of the information found on a detail inventory card for Slatkin for the first month of operations is as follows. Received No of Units Unit Cost No of Units No. of Units January 2 1,200 $3.00 1,200 10 13 3.20 1,100 600 1,100 23 26 1,300 3.40 1,500 1,600 3.50 2,300 1,000 31 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.)