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
January 2

1,200

$3.00

1,200
7
700
500
10
600
3.20
1,100
13
500
600
18
1,000
3.30
300
1,300
20
1,100
200
23
1,300
3.40
1,500
26
800
700
28
1,600
3.50
2,300
31
1,300
1,000
Instructions
a. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent and ending inventory to the nearest dollar.)

1. First-in, first-out (FIFO).

2. Last-in, first-out (LIFO).

3. Average-cost.

b. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? Explain and compute. (Round average unit costs to four decimal places.)