Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units

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Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

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(a1)

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(a2)

(1)
FIFO

(2)
LIFO

(3)
Average-cost

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(b)

(1)
FIFO

(2)
LIFO

(3)
Average-cost

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 1,390 $3.38 1,390 7 890 500 10 790 3.60 1,290 13 690 600 18 1,190 3.71 490 1,300 20 1,100 200 23 1,490 3.83 1,690 26 990 700 28 1,790 3.94 2,490 31 1,490 1,000

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Explanation / Answer

Answer:(b)

Average cost Opening COGS Ending inventory Date Units Rate Amount ($) Units Rate Amount ($) Units Rate Amount ($) 2-Jan 1390 3.38 4698 1390 3.3800 4698.2 7-Jan 890 3.38 3008.2 500 3.3800 1690 10-Jan 790 3.6 2844 500 3.3800 1690 790 3.6000 2844 1290 3.5147 4534 13-Jan 690 3.5147 2425 600 3.5147 2109 18-Jan 1190 3.71 4415 490 3.5147 1722 1300 3.6935 4802 20-Jan 1100 3.6935 4063 200 3.6935 739 23-Jan 1490 3.83 5707 1690 3.8138 6445 26-Jan 990 3.8138 3776 700 3.8138 2670 28-Jan 1790 3.94 7053 2490 3.9045 9722 31-Jan 1490 3.9045 5818 1000 3.9045 3905

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