unit costs to four decimal places.$)$

P$8\mathrm{.}5($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.

$\backslash$table$[[$Date$,$Received,Issued, No$.$ of Units,$\backslash$table$[[$Balance$,],[$No$.$ of Units$]]],[$No$.$ of Units,Unit Cost$],[$January $2,1,200,$$$3\mathrm{.}00,,1,200],[$January $7,,,700,500],[10,600,3\mathrm{.}20,,1,100],[13,,,500,600],[18,1,000,3\mathrm{.}30,300,1,300],[20,,,1,100,200],[23,1,300,3\mathrm{.}40,,1,500],[2628,,,800,700],[28,1,600,3\mathrm{.}50,,2,300],[31,,,1,300,1,000]]$

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.$)$

First$-$in$,$ first$-$out $($FIFO$).$

Last$-$in$,$ first$-$out $($LIFO$).$

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.$)$