Ivanhoe Lighting had a beginning inventory of 24 units at a cost of $7 per...
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Accounting
Ivanhoe Lighting had a beginning inventory of 24 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 August 11 29 units at $8 August 2 19 units 39 units at $9 August 10 24 units August 23 34 units at $10 August 19 54 units August 21 24 units Ivanhoe uses a periodic inventory system Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO FIFO LIFO 1. Ending inventory $ $ 2. Cost of goods sold $
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