Question
Ivanhoe Company uses a perpetual inventory system. The following information is available for November: Units Purchase Price Sales Price Nov. 1 Balance 10 $4.00 4
Ivanhoe Company uses a perpetual inventory system. The following information is available for November: Units Purchase Price Sales Price Nov. 1 Balance 10 $4.00 4 Purchase 22 $4.50 7 Purchase 22 $5.00 10 Sale (10) $8.00 12 Sale (32) $8.00 Calculate the cost of goods sold and ending inventory under FIFO. (Round answers to 0 decimal places, e.g. 5,275.) FIFO Cost of goods sold $ Ending inventory $ Calculate the cost of goods sold and ending inventory under weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.) Weighted average Cost of goods sold $ Ending inventory
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