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Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. Calculate average-cost per
Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. First-in, first-out (FIFO). Last-in, first-out (LIFO). Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) 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 FIFO, LIFO and Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
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