Question 1

Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.

		Received
Date		No. of Units		Unit Cost		Issued, No. of Units		Balance, No. of Units
January 2		1,820		$3.11				1,820
7						1,320		500
10		1,220		3.31				1,720
13						1,120		600
18		1,620		3.42		920		1,300
20						1,100		200
23		1,920		3.52				2,120
26						1,420		700
28		2,220		3.62				2,920
31						1,920		1,000

Q1. Calculate average-cost per unit.

Q2. 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.

Q3. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost?