## (Compute FIFO LIFO and A verage-Cost) Some of the inf

(Compute FIFO LIFO and A verage-Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. Received Issued Balance Date No. of Units Unit Cost No. of Units No. of Units January 2 1200 \$3.00 1200 7 700 500 10 600 3.20 1100 13 500 600 18 1000 3.30 300 1300 20 1100 200 23 1300 3.40 1500 26 800 700 28 1600 3.50 2300 31 1300 1000 Instructions (a) From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent and ending inventory to the nearest dollar.) (1) First-in first-out (FIFO). (2) Last-in first-out (LIFO). (3) Average-cost. (b) If the perpetual inventory record is kept in dollars and costs are computed at the time of each with- drawal would the amounts shown as ending inventory in (1) (2) and (3) above be the same? Explain and compute. (Round average unit costs to four decimal places.)