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Problem 8-5 (Part Level Submission) Some of the information found on a detail inventory card for Headland Inc. for the first month of operations is as follows. Received No. of Units Unit Cost 1,600 $5.10 Date January 2 7 10 13 1,000 5.44 Issued, Balance, No. of Units No. of Units 1,600 1,100 500 1,500 900 600 700 1,300 1,100 200 1,900 1,200 700 2,700 1,700 1,000 18 1,400 5.61 20 23 1,700 5.78 26 28 2,000 5.95 31 (al) x Your answer is incorrect. Try again. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit 5.95 Click if you would like to Show Work for this question: Open Show Work nent A BACK PRINTER VERSION NEXT 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. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory 5950 5100 5610 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used (b) Your answer is partially correct. Try again. 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.) (1) (2) (3) FIFO LIFO Average-cost Would amount be same X Yes No Yes Ending Inventory 5950 5100 5610

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