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 $4.56 2,750
January31 1,750 1,000
From thesedata compute the ending inventory on each of the following bases.Assume that perpetual inventory records are kept in units only. (1)First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3)Average-cost.
FIFO LIFO AverageCost
Ending Inventory$ ??? $ ??? $ ???
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$ ??? $ ??? $ ???
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 $4.56 2,750
January31 1,750 1,000
From thesedata compute the ending inventory on each of the following bases.Assume that perpetual inventory records are kept in units only. (1)First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3)Average-cost.
FIFO LIFO AverageCost
Ending Inventory$ ??? $ ??? $ ???
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$ ??? $ ??? $ ???
