Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following inventory transactions took place fo

The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31,...

70.2K

Verified Solution

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
image
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose you have been hired as a financial consultant to Defense Electronics, Inc. (DEI), a large,...

Finance
Q

Based

Chemistry
Q

Which part of the sampleintroduction is Section 3?A. This is the hook that gets the...

Biology
Q

The measured the angle of el of a tree and round it was 38 She...

Basic Math
Q

In 2015 there were approximately 4 141 000 births in a country Find the birth...

Calculus
Q

The probability of event A is 0.43, and the probability of event B is 0.55....

Algebra
Q

QUESTION 1- LIQUIDATION On 30 June 2023, Hubris Lid went into...

Accounting
Q

It is estimated that the competitive selling price...

Accounting
Q

Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Follow the format...

Accounting
Q

Instructions On May 7, Lockmiller Company purchased on account 60,000 units of materials at $12.00...

Accounting
Q

Oklahoma Oil started extracting oil from a well a few years ago. The project cost...

Finance
Q

TAX FORM/RETURN PREPARATION PROBLEMS Use the information shown below to prepare a 2018 gift tax...

Accounting