Question

Some ofthe information found on a detail inventory card for Slatkin Inc.for the first month of operations is as follows.

Received

Date              #ofunits           unitcost              issued# ofunits           balance,# of units

January2         1,650                 $3.91                                                     1,650

January7                                                            1,150                            500

January10      1,050                  $4.17                                                      1,550

January13                                                             950                             600

January18       1,450                $4.30                     750                             1,300

January20                                                            1,100                          200

January23       1,750               $4.43                                                        1,950

January26                                                           1,250                            700

January28      2,050                $4.56                                                        2,750

January31                                                           1,750                           1,000

Fromthese data compute the ending inventory on each of the followingbases. Assume that perpetual inventory records are kept in unitsonly. (1) First-in, first-out (FIFO). (2) Last-in, first-out(LIFO). (3) Average-cost.

FIFO                                   LIFO                        AverageCost

Ending Inventory$        ???                             $  ???                             $   ???

If theperpetual inventory record is kept in dollars, and costs arecomputed at the time of each withdrawal, what amount would be shownas ending inventory under (1) FIFO, (2) LIFO and (3)Average-cost?

FIFO                                   LIFO                        AverageCost

Ending Inventory$        ???                             $  ???                             $   ???

 



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