Question
Ivanhoe Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. dateunitsunit costunit
Ivanhoe Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.
dateunitsunit costunit sale15$13863116$152145217$163275A. Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculationsto 0 decimal places and final answersto 3 decimal places, e.g. $105.501.)
B. Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started