Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 9 5 7 Unit Cost $68 $76 $83 Sales Units 6
Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 9 5 7 Unit Cost $68 $76 $83 Sales Units 6
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 7MCQ
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Question
![Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following
purchases and sales.
Date
July 1
July 6
July 11
July 14
July 21
July 27
Purchases
Units Unit Cost
$68
9
5
$76
$83
Sales Units
5
6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1af9b60-6056-4c31-b7ae-f91d9c4dff06%2F5b86a112-de75-46a5-89e3-c92c5d7b409b%2Fa98pjw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following
purchases and sales.
Date
July 1
July 6
July 11
July 14
July 21
July 27
Purchases
Units Unit Cost
$68
9
5
$76
$83
Sales Units
5
6
![Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.251 and ending inventory values to O decimal places, e.g.
515.)
Ending inventory
FIFO
MOVING-AVERAGE
LIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1af9b60-6056-4c31-b7ae-f91d9c4dff06%2F5b86a112-de75-46a5-89e3-c92c5d7b409b%2Fquzw19_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.251 and ending inventory values to O decimal places, e.g.
515.)
Ending inventory
FIFO
MOVING-AVERAGE
LIFO
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