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Some of the information found on a detail inventory card for Concord Inc. for the first month of operations is as follows. Received Date
Some of the information found on a detail inventory card for Concord 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 1,700 $3.39 1,700 7 1,200 500 10 1,100 3.62 1,600 13 1,000 600 18 1,500 3.73 800 1,300 20 1,100 200 23 1,800 3.84 2,000 26 1,300 700 28 2,100 3.96 2,800 31 1.800 1,000 (a1) Your answer is correct. Calculate the weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average cost per unit $ 3.73 (a2) eTextbook and Media Your answer is correct. Attempts: 1 of 3 used 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 O decimal places, e.g. 6,548.) (b) Ending inventory $ eTextbook and Media (1) FIFO 3960 $ (2) LIFO (3) Average-cost 3390 $ 3730 Attempts: 1 of 3 used 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? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.) Would amount be same Yes Ending inventory (1) FIFO 3960 $ (2) LIFO $ (3) Average-cost
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