Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 No. of Units 1,400 Unit Cost $4.47 Issued, No. of Units Balance, No. of Units 1,400 roo
Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 No. of Units 1,400 Unit Cost $4.47 Issued, No. of Units Balance, No. of Units 1,400 roo
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows.
Date
January 2
7
10
13
18
20
23
26
28
31
Received
No. of Units:
1,400
800
1,200
1.500
1,800
Unit Cost
$4.47
4.77
4.92
5.07
5.22
Issued,
No. of Units
900
700
500
1,100
1,000
1,500
Balance,
No. of Units
1,400
500
1.300
600
1,300
200
1,700
700
2,500
1,000

Transcribed Image Text: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? What amount would be shown as ending inventory? (Round
average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
Would amount be same
Ending inventory
(1)
FIFO
Yes
(2)
LIFO
No
(3)
Average-cost
No
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