Question 1 Some of the information found on a detail inventory card for Slatkin

Question

Question 1

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

Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

(1)
FIFO

(2)
LIFO

(3)
Average-cost

Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

January 2 1,630 $3.47 1,630 7 1,130 500 10 1,030 3.70 1,530 13 930 600 18 1,430 3.81 730 1,300 20 1,100 200 23 1,730 3.93 1,930 26 1,230 700 28 2,030 4.04 2,730 31 1,730 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. (Round final answers to 0 decimal places, e.g. 6,548.)

(1)
FIFO

(2)
LIFO

(3)
Average-cost

Ending Inventory

$

$

$

Explanation / Answer

a.

Ending inventory by FIFO.

b.

Ending Inventory by LIFO

c. Ending Inventory by average cost is as under:

Date Received Issued, Balance, No. of units Unit Cost No. of Units No. of Units Jan-02 1,630 $3.47 1,630 7 1,130 500 10 1,030 3.7 1,530 13 930 600 18 1,430 3.81 730 1,300 20 1,100 200 23 1,730 3.93 1,930 26 1,230 700 28 2,030 4.04 2,730 31 1,730 1,000

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