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Thanks in advance! If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts
Thanks in advance! 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.3, 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 $ 5530 $ Some of the information found on a detail inventory card for Oriole 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 $4.74 1.700 7 1,200 500 10 1,100 5.06 1,600 13 1.000 600 18 1,500 5.21 20 800 1,100 1,300 200 2,000 23 1,800 5.37 26 1,300 700 28 2.100 5.53 2.800 31 1.800 1 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ 5.21 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, 1.8. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory 5530 $ 4740 5210 e Textbook and Media Attempts: unlimited
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