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Some of the information found on a detail inventory card for Sunland Inc. for the first month of operations is as follows. Received Issued, No.
Some of the information found on a detail inventory card for Sunland Inc. for the first month of operations is as follows. Received Issued, No. of Units Balance, No. of Units Date No. of Units Unit Cost January 2 1,500 $4.11 1,500 7 1,000 500 10 900 4.38 1,400 13 800 600 18 1,300 4.52 600 1,300 20 1,100 200 23 1,600 4.66 1,800 26 1,100 700 28 1,900 4.80 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 $ 4800 $ 4592 $ 4760 e Textbook and Media 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 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same Yes No No Ending Inventory $ $ $
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