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Some of the information found on a detail inventory card for Ayayai Inc. for the first month of operations is as follows. Received Date No.
Some of the information found on a detail inventory card for Ayayai 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 | 1,600 | $3.75 | 1,600 | |||||
7 | 1,100 | 500 | ||||||
10 | 1,000 | 4.00 | 1,500 | |||||
13 | 900 | 600 | ||||||
18 | 1,400 | 4.13 | 700 | 1,300 | ||||
20 | 1,100 | 200 | ||||||
23 | 1,700 | 4.25 | 1,900 | |||||
26 | 1,200 | 700 | ||||||
28 | 2,000 | 4.38 | 2,700 | |||||
31 | 1,700 | 1,000 |
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?
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.) FIFO LIFO Average-cost Ending Inventory 4380 3750 4130Step by Step Solution
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