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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 Ending inventory Quantity 23,600 5,500 31,500 8,500 39,500 15,500 20,000 Unit cost of the last item sold $ 9,500 17,700 Cost/ Selling Price $40.00 91.00 31.25 38.00 91.00 28.50 91.00 53.50 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, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 91.00

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 Ending inventory Quantity 23,600 5,500 31,500 8,500 39,500 15,500 20,000 Unit cost of the last item sold $ 9,500 17,700 Cost/ Selling Price $40.00 91.00 31.25 38.00 91.00 28.50 91.00 53.50 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, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 91.00

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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The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 beginning inventory sale purchase Mar 10 purchase May 20 Aug 22 Sep 12 Nov 24 sale Event purchase sale purchase Dec 5 D sale Ending inventory Unit cost of the last item sold Quantity 23,600 $ 5,500 31,500 8,500 39,500 15,500 20,000 9,500 17,700 Cost/ Selling Price $40.00 91.00 31.25 38.00 91.00 28.50 91.00 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, e.g. 52.75 and ending Inventory to 0 decimal places, e.g. 5,276.) 53.50 91.00
Transcribed Image Text:The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 beginning inventory sale purchase Mar 10 purchase May 20 Aug 22 Sep 12 Nov 24 sale Event purchase sale purchase Dec 5 D sale Ending inventory Unit cost of the last item sold Quantity 23,600 $ 5,500 31,500 8,500 39,500 15,500 20,000 9,500 17,700 Cost/ Selling Price $40.00 91.00 31.25 38.00 91.00 28.50 91.00 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, e.g. 52.75 and ending Inventory to 0 decimal places, e.g. 5,276.) 53.50 91.00
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