Ivanhoe Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Ivanhoes purchases and sales of the ultra-lightweight snowboard in October:

Date		Transaction		Units				Unit Purchase Price			Unit Sales Price
Oct. 1		Beginning inventory			25			$298
10		Purchase			30			306
12		Sale			(42)						$471
13		Purchase			35			312
25		Sale			(45)						481
27		Purchase			20			320

Assume that all of Ivanhoes sales are for cash and all of its purchases are on account.

Record the purchase on October 10 and sale on October 12 for Ivanhoe Company in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
PerpetualFIFO
Oct. 10
	(To record purchase on account.)
Oct. 12
	(To record cash sales.)
Oct. 12
	(To record cost of goods sold.)
PerpetualWeighted Average
Oct. 10
	(To record purchase on account.)
Oct. 12
	(To record cash sales.)
Oct. 12
	(To record cost of goods sold.)

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List of Accounts

Record the purchase on October 13 and sale on October 25 for Ivanhoe Company in a periodic inventory system under (1) FIFO and (2) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
PeriodicFIFO
Oct. 13
	(To record purchase on account.)
Oct. 25
	(To record cash sales.)
PeriodicWeighted Average
Oct. 13
	(To record purchase on account.)
Oct. 25
	(To record cash sales.)

eTextbook and Media

List of Accounts

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