express-helpline is the most recommended homework answer website.
Hundreds of Experts/Tutors are online 24/7.

Question (Category: Business : Accounting )
Intermediate Accounting I P8-5 (Compute FIFO, LIFO, and Average Cost) Q: P8-5 (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. 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. 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.

Answer by Gopal C. (Downloaded 11 times and rated )
The price for this answer is $20. Please send your payment to Bank account
Name: Gopal Choudhary
Bank of America Account#: 0557745497
Routing: 121000358

Send an email after the payment to and I will get back to you within 1-2 hour.
If you would like to see a preview of this answer email me with the link to question. I am also availble on demand for any other homework problems.