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Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 108 $4 $432 12 Purchase 432 6 2,592 23 Purchase 270 8 2,160 30 Inventory 250 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO. (2) LIFO, and (3) average-cost. (For calculation acer mund average cost per unit to 2 decimal places, eg. 5.25. Round answers to O decimal places, eg. 125)

Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 108 $4 $432 12 Purchase 432 6 2,592 23 Purchase 270 8 2,160 30 Inventory 250 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO. (2) LIFO, and (3) average-cost. (For calculation acer mund average cost per unit to 2 decimal places, eg. 5.25. Round answers to O decimal places, eg. 125)

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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Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 108 $4 $432 12 Purchase 432 6 2,592 23 Purchase 270 8 2,160 30 Inventory 250 (a) Compute the cost of the ending inventory and the cost of goods sold under (2) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, eg. 5.25. Round answers to O decimal places, eg. 125) FIFO LIFO Average-Cost Cost of the ending inventory $ 2000 $ $ Cost of goods sold $ $
Transcribed Image Text:Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 108 $4 $432 12 Purchase 432 6 2,592 23 Purchase 270 8 2,160 30 Inventory 250 (a) Compute the cost of the ending inventory and the cost of goods sold under (2) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, eg. 5.25. Round answers to O decimal places, eg. 125) FIFO LIFO Average-Cost Cost of the ending inventory $ 2000 $ $ Cost of goods sold $ $
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