Calculate average-cost per unit

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Reference no: EM13922582

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	1,820	$3.11		1,820
7			1,320	500
10	1,220	3.31		1,720
13			1,120	600
18	1,620	3.42	920	1,300
20			1,100	200
23	1,920	3.52		2,120
26			1,420	700
28	2,220	3.62		2,920
31			1,920	1,000

Q1. Calculate average-cost per unit.

Q2. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost.

Q3. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost?

Reference no: EM13922582

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