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Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Received Date Issued, No. of Units No. of Units Unit Cost Balance, No. of Units 1,700 January 2 1,700 $4.74 7 1,200 500 10 1.100 5.06 1,600 13 1,000 600 18 1,500 5.21 800 1,300 20 1,100 200 23 1,800 5.37 2,000 26 1,300 700 28 2,100 5.53 2,800 31 1,800 1,000 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 o decimal places, e.g. 6,548.) (1) FIFO (2) LIFO Ending Inventory $ $ npute the ending inventory on each of the following bases. ual inventory records are kept in units only. (1) First-in, first- n, first-out (LIFO). (3) Average-cost. (Round final answers to O -548.) (2) LIFO (3) Average-cost $ w Media 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) FIFO (2) LIFO Would amount be same Yes Yes Ending Inventory $ $ Derpetual inventory record is kept in dollars, and costs are computed at he of each withdrawal, would the amounts shown as ending inventory in and (3) above be the same? What amount would be shown as ending ory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final -s to O decimal places, e.g. 6,548.) (2) LIFO (3) Average-cost Yes $ $

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