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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, No.

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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, No. of Units Date January 2 7 No. of Units 1,200 Unit Cost $3.00 700 10 600 3.20 13 1.000 3.30 500 300 1.100 Balance, No. of Units 1,200 500 1,100 600 1,300 200 1,500 700 2,300 1,000 1.300 18 20 23 26 28 31 3.40 800 1.600 3.50 1.300 Calculate average-cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Average cost per unit 3.69 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 decimal places, eg. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory $ 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, eg. 2.7621 and final answers to decimal places, eg. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same Ending Inventory

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