Question
Ivanhoe Company reported these income statement data for a 2-year period. 2022 2021 Sales revenue $274,600 $229.250 Beginning inventory 36,430 29,000 Cost of goods purchased
Ivanhoe Company reported these income statement data for a 2-year period. 2022 2021 Sales revenue $274,600 $229.250 Beginning inventory 36,430 29,000 Cost of goods purchased 218,030 156,920 Cost of goods available for sale 254,460 185,920 Less: Ending inventory 49,780 36,430 Cost of goods sold 204,680 149,490 Gross profit $69,920 $79,760 Ivanhoe Company uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31,2021 , is overstated by $7,920.
Calculate as well the fifo ending inventory and cost of goods sold
Lifo ending inventory and cost of goods sold
Average cost ending inventory and cost of goods sold
Thanks
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