The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase. sale purchase sale Quantity 24,000 6,400 33,000 9,600 41,600 14,400 20,400 9,600 16,500 Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72.00 Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in. first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)

The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase. sale purchase sale Quantity 24,000 6,400 33,000 9,600 41,600 14,400 20,400 9,600 16,500 Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72.00 Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in. first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)

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Description: The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023:DateJan 1Jan 5Feb 15Mar 10May 20Aug 22Sep 12Nov 24Dec 5beginning inventorysalepurchasepurchasesaleEventpurchasesalepurchasesaleQuantity24,0006,4003

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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