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Some of the information found on a detail inventory card for Marin Inc. for the first month of operations is as follows. Received Date No.
Some of the information found on a detail inventory card for Marin 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 | 1,500 | $3.66 | 1,500 | |||||
7 | 1,000 | 500 | ||||||
10 | 900 | 3.90 | 1,400 | |||||
13 | 800 | 600 | ||||||
18 | 1,300 | 4.03 | 600 | 1,300 | ||||
20 | 1,100 | 200 | ||||||
23 | 1,600 | 4.15 | 1,800 | |||||
26 | 1,100 | 700 | ||||||
28 | 1,900 | 4.27 | 2,600 | |||||
31 | 1,600 | 1,000 |
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. (Round final answers to 0 decimal places, e.g. 6,548.)
(1) FIFO | (2) LIFO | (3) Average-cost | ||||
Ending Inventory | $ | $ | $ |
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