Compute FIFO, LIFO and Average Cost - Periodic and Perpetual)
Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.
RECEIVED ISSUED, BALANCED,
Date no. of units Unit cost no. of unit no. of unit
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
1) From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (Round unit costs to 2 decimal places, e.g. 1.50 and ending inventory to 0 decimal places, e.g. 2,215 and use the rounded amount for future calculations. Round final answer to 0 decimal places, e.g. 2,215.)
First-in, first-out (FIFO).
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Last-in, first-out (LIFO).
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Average cost.
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2) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what would the amounts shown as ending inventory in 1, 2, and 3 above be? (Round computation for unit cost to 4 decimal places, e.g. 2.115 when calculating average cost and use the rounded amount for future calculations. Round the final answer to 0 decimal places, e.g. 1,250.)
First-in, first-out (FIFO).
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Last-in, first-out (LIFO).
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Average cost.
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