Some of the information found on a detail inventory card for Slatkin Inc. for th
ID: 2379367 • Letter: S
Question
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 1,650 $3.91 1,650
January 7 1,150 500
January 10 1,050 $4.17 1,550
January 13 950 600
January 18 1,450 $4.30 750 1,300
January 20 1,100 200
January 23 1,750 $4.43 1,950
January 26 1,250 700
January 28 2,050 $4.56 2,750
January 31 1,750 1,000
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 $ ??? $ ??? $ ???
Explanation / Answer
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FIFO Receipts Issued Balance Qnty. Rate Amount Qnty. Rate Amount Qnty. Rate Amount 2-Jan Opening - - - - - - 1,650.00 3.91 6,451.50 7-Jan Issued - - - 1,150.00 3.91 4,496.50 500.00 3.91 1,955.00 10-Jan received 1,050.00 4.17 4,378.50 - - - 500.00 3.91 1,955.00 1,050.00 4.17 4,378.50 13-Jan issued 500.00 3.91 1,955.00 600.00 4.17 2,502.00 450.00 4.17 1,876.50Related Questions
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