Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Unit Cost Inventory $4 Purchases Purchases Inventory 84 336 The cost of goods sold 210 190 The cost of the ending inventory 6 8 Total Cost $336 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO 2,016 1,680 LIFO 972 3060 $ Average-Cost 1216 2016
Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Unit Cost Inventory $4 Purchases Purchases Inventory 84 336 The cost of goods sold 210 190 The cost of the ending inventory 6 8 Total Cost $336 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO 2,016 1,680 LIFO 972 3060 $ Average-Cost 1216 2016
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Transcribed Image Text:Ivanhoe Company uses a periodic inventory system and reports the following for the month of June.
Explanation Units Unit Cost
Inventory
84
$4
Purchases
Purchases
Date
June 1
(a)
12
23
30
Inventory
336
210
190
The cost of the ending inventory
The cost of goods sold
6
8
Total Cost
$336
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes,
round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, eg. 125)
2,016
1,680
FIFO
LIFO
972
3060
$
Average-Cost
1216
2016
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