ome of the information found on a detail inventory card for Sheridan Inc. for the first month of operations is as follows. Received Issued, No. of Units Balance, No. of Units Date No. of Units Unit Cost January 2 1,400 $3.57 1,400 7 900 500 10 800 3.81 1,300 13 700 600 18 1,200 3.93 500 1,300 20 1.100 200 23 1,500 4.05 1,700 26 1,000 700 28 1,800 4.17 2,500 31 1,500 1,000 Your answer is incorrect. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ 1 e Textbook and Media Your answer is partially correct. 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 decimal places, e.g. 6,548.) 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 decimal places, e.g. 6,548.)

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