The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31,...
90.2K
Verified Solution
Link Copied!
Question
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 4 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory +A Quantity Unit cost of the last item sold $ 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
The following inventory transactions took place for Ivanhoe Ltd, for the year ended December 31, 2023: 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, es. 52.75 and ending inventory to 0 decimal places, eg. 5,276.) Ending inventory Unit cost of the last item sold
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
