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.

(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.

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Received Balance, Issued, No. of Units Unit Cost Date No. of Units No. of Units $3.00 January 2 1,200 1,200 500 700 7. 10 600 3.20 1,100 13 18 500 300 600 1,000 3.30 1,300 20 1,100 200 1,500 23 1,300 3.40 26 800 700 2,300 1,000 28 1,600 3.50 31 1,300