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Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 9 5 7 Unit Cost $68 $76 $83 Sales Units 6

Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 9 5 7 Unit Cost $68 $76 $83 Sales Units 6

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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Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $68 9 5 $76 $83 Sales Units 5 6
Transcribed Image Text:Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $68 9 5 $76 $83 Sales Units 5 6
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.251 and ending inventory values to O decimal places, e.g. 515.) Ending inventory FIFO MOVING-AVERAGE LIFO
Transcribed Image Text:Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.251 and ending inventory values to O decimal places, e.g. 515.) Ending inventory FIFO MOVING-AVERAGE LIFO
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