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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. Received Issued, Balance,

Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. Received Issued, Balance, Date No. of Units Unit Cost No. of Units No. of Units Jan. 2 1200 $3.00 1200 Jan. 7 700 500 Jan. 10 600 $3.20 1100 Jan. 13 500 600 Jan. 18 1000 $3.30 300 1300 Jan. 20 1100 200 Jan. 23 1300 $3.40 1500 Jan. 26 800 700 Jan. 28 1600 $3.50 2300 Jan. 31 1300 1000 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

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