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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please help me
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education