P8.5 (LO 3) (Compute FIFO, LIFO, and 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 Unit Cost Issued, No. of Units Balance, No. of Units Date 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.)

P8.5 (LO 3) (Compute FIFO, LIFO, and 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 Unit Cost Issued, No. of Units Balance, No. of Units Date 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.)

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Description: **P8.5 (LO 3) (Compute FIFO, LIFO, and Average-Cost)***Description:* Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows:| Date | No. of Units Received | Unit Cost | No. of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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