In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there are 410 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Ivanhoe uses a periodic inventory system.

What is FIFO and LIFO Ending Inventory?

Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there are 410 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Ivanhoe uses a periodic inventory system. FIFO LIFO Ending inventory $ 2340 2870