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Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $115,500 5 Sale 140 units $100,100 9 Purchase 70 units $42,350 13 Purchase 280 units $184,800 24 Sale 280 units $215,600 27 Sale 70 units $61,600 80 30 Purchase 105 units $76,230

Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $115,500 5 Sale 140 units $100,100 9 Purchase 70 units $42,350 13 Purchase 280 units $184,800 24 Sale 280 units $215,600 27 Sale 70 units $61,600 80 30 Purchase 105 units $76,230

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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average. (Round calculations for cost per unit to 2 decimal places, eg. 10.52 and final answers to O decimal places, e.g. 61,052.)Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Calculate Ivanhoe Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, eg. 10.52 and final answers to O decimal places, e.g. 61,052.)

Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $115,500 5 Sale 140 units $100,100 9 Purchase 70 units $42,350 13 Purchase 280 units $184,800 24 Sale 280 units $215,600 27 Sale 70 units $61,600 30 Purchase 105 units $76,230
Transcribed Image Text:Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 210 units $115,500 5 Sale 140 units $100,100 9 Purchase 70 units $42,350 13 Purchase 280 units $184,800 24 Sale 280 units $215,600 27 Sale 70 units $61,600 30 Purchase 105 units $76,230
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