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, thefollowing purchases were made:Mar. 15July 20Sept. 4Dec. 2Units78 $2116224Unit Cost11210208203At the end of the year, there were 35 units on hand. The Ivanhoe Store uses a periodic inventory system. Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round theweighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.)Cost of goods soldEnding inventory$taFIFOWeighted Average

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Business

Accounting

A5

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

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

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