Compute FIFO, LIFO and Average Cost - Periodic and Perpetual) Some of the inform

Question

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,
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).
????

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

Average cost.
?????

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).
????

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

Average cost.
?????

Explanation / Answer

Ending inventory FIFO = ( 400 units @ $9 ) = $ 3,600

[ Under FIFO, the 400 units on hand would be the units most recently purchased. ]
--------------------------
Ending inventory LIFO

= ( 300 units @ $6 ) + ( 100 units @ $8 ) = $ 2,600

[ Under LIFO, the 400 units on hand would be the units purchased the longest time ago. You would still have the 300 units purchased on June 1 plus 100 of the units purchased on June 2. ]

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