Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.
Received
Date # of units unit cost issued # of units balance # of units
January 2 1650 $3.91 1650
January 7 1150 500
January 10 1050 $4.17 1550
January 13 950 600
January 18 1450 $4.30 750 1300
January 20 1100 200
January 23 1750 $4.43 1950
January 26 1250 700
January 28 2050 $4.56 2750
January 31 1750 1000
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.
FIFO LIFO Average Cost
Ending Inventory $ ??? $ ??? $ ???
If the perpetual inventory record is kept in dollars and costs are computed at the time of each withdrawal what amount would be shown as
ending inventory under (1) FIFO (2) LIFO and (3) Average-cost?
FIFO LIFO Average Cost
Ending Inventory $ ??? $ ??? $ ???