Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 640 units at $9 Aug. 12 377 units at $11 May 5 540 units at $10 Dec. 8 91 units at $12 Ivanhoe Company uses a periodic inventory system. Sales totaled 1,590 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)
Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 640 units at $9 Aug. 12 377 units at $11 May 5 540 units at $10 Dec. 8 91 units at $12 Ivanhoe Company uses a periodic inventory system. Sales totaled 1,590 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit. During the year, purchases were:
Feb. 20 | 640 | units at | $9 | Aug. 12 | 377 | units at | $11 | |||||||
May 5 | 540 | units at | $10 | Dec. 8 | 91 | units at | $12 |
Ivanhoe Company uses a periodic inventory system. Sales totaled 1,590 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)
FIFO
|
LIFO
|
AVERAGE-COST
|
||||
The ending inventory | $ | $ | $ | |||
The cost of goods sold | $ | $ | $ |
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