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

Other questions asked by students

Basic Math
1.2K views

8 If you can buy four bulbs of elephant garlic for 8 then how many...

Biology
1.2K views

For the observations that meets the qualifications of experimental theories answer the following questions. What would be...

Biology
1.2K views

Vinter 2022 2023 es SC BIOL1001 M N O P Biology

Physics
1.2K views

Water doesn t flow in the pipe when a both ends are at the same...

Basic Math
1.2K views

6 9 12 15 18 Let p and q represent the following statements p He...

Basic Math
1.2K views

Minimize z z 2y 4y 6x2 36 3y z 9 14 20 0 Subject to...

Statistics
1.2K views

Chapter 11 K Express the following probability If one person is selected

Algebra
1.2K views

Question 1 8 Multiply Express your solution with positive exponents 2a 566 7a b 146...

Accounting
1.2K views

When overhead is allocated to jobs, which of the following accounts should be...

Accounting
1.2K views

Consider the following: VARIABLE COSTS: $270,000 CONTRIBUTION MARGIN: $90,000 FIXED COSTS: $40,000 ...

Accounting
1.2K views

fMinden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as...

Accounting
1.2K views

Canberry Corporation had net income of $118,000, beginning total assets of $868,000 and ending total...