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

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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.

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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

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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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 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 V 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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