Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.
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Received
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Date
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No. of Units
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Unit Cost
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Issued,
No. of Units
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Balance,
No. of Units
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January 2
|
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1,820
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$3.11
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1,820
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7
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|
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1,320
|
|
500
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|
10
|
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1,220
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3.31
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|
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1,720
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13
|
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|
|
|
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1,120
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|
600
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|
18
|
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1,620
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|
3.42
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|
920
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1,300
|
|
20
|
|
|
|
|
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1,100
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|
200
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23
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1,920
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|
3.52
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|
|
|
2,120
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|
26
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|
|
|
|
|
1,420
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|
700
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|
28
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2,220
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|
3.62
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|
|
|
2,920
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|
31
|
|
|
|
|
|
1,920
|
|
1,000
|
Q1. Calculate average-cost per unit.
Q2. 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.
Q3. 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?