Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO LIFO +A Moving-Average
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO LIFO +A Moving-Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help on problem a2
Transcribed Image Text:Inventory data for Ivanhoe Company are presented as follows.
Date
June 1
12
23
30
(a1)
June 1
June 12
June 15
June 23
Explanation
Inventory
Purchases
Purchases
Inventory
June 27
(a2)
$
+A
Assume a sale of 371 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9.
$
$
Your Answer Correct Answer (Used)
Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.)
$
$
Units
129
The cost of the ending
inventory
360
The cost of goods sold
212
285
Unit Cost
$5
5
5.736
5.736
6
6.548
7
6.548
Total Cost
$645
2,160
1,484
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O
decimal places, e.g. 125.)
FIFO
LIFO
$
$
+A
Moving-Average
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