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A5

A5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A5

The Ivanhoe Store had a beginning inventory on January 1 of 310 full-size strollers at a cost of $210 per unit. During the year, the following purchases were made: Mar. 15 July 20 Sept. 4 Dec. 2 Units 78 $211 62 24 Unit Cost 11 210 208 203 At the end of the year, there were 35 units on hand. The Ivanhoe Store uses a periodic inventory system.
Transcribed Image Text:The Ivanhoe Store had a beginning inventory on January 1 of 310 full-size strollers at a cost of $210 per unit. During the year, the following purchases were made: Mar. 15 July 20 Sept. 4 Dec. 2 Units 78 $211 62 24 Unit Cost 11 210 208 203 At the end of the year, there were 35 units on hand. The Ivanhoe Store uses a periodic inventory system.
Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Cost of goods sold Ending inventory $ ta FIFO Weighted Average
Transcribed Image Text:Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Cost of goods sold Ending inventory $ ta FIFO Weighted Average
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