Please dont give solution image based thanks The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023:DateJan 1Jan 5Feb 15beginning inventorysalepurchaseMar 10 purchaseMay 20Aug 22Sep 12Nov 24saleEventpurchasesalepurchaseDec 5 D saleEnding inventoryUnit cost of the last item soldQuantity23,600$5,50031,5008,50039,50015,50020,0009,50017,700Cost/SellingPrice$40.0091.0031.2538.0091.0028.5091.00Calculate 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 endingInventory to 0 decimal places, e.g. 5,276.)53.5091.00

Name: Please dont give solution image based thanks The following inventory
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Description: Please dont give solution image based thanks The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023:DateJan 1Jan 5Feb 15beginning inventorysalepurchaseMar 10 purchaseMay 20Aug 22Sep 12Nov 24saleEventpur

Under the FIFO method, the oldest products in inventory are sold first.

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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