Need help on problem a2 Inventory data for Ivanhoe Company are presented as follows.DateJune 1122330(a1)June 1June 12June 15June 23ExplanationInventoryPurchasesPurchasesInventoryJune 27(a2)$+AAssume a sale of 371 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9.$$Your Answer Correct Answer (Used)Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.)$$Units129The cost of the endinginventory360The cost of goods sold212285Unit Cost$555.7365.73666.54876.548Total Cost$6452,1601,484Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to Odecimal places, e.g. 125.)FIFOLIFO$$+AMoving-Average

LIFO, FIFO, WAC are three techniques used for estimating cost of ending inventory.

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO LIFO +A Moving-Average

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO LIFO +A Moving-Average

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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