Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ivanhoe Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record: (Round cost

Ivanhoe Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record: (Round cost per unit to 2 decimal places, e.g. 52.75.)

Purchases Cost Of Goods Sold Inventory Balance
Date Units Cost Total Units Cost Total Units Cost Total

June 1

Beginning Inventory

200 $25.70 $5,140 200 $25.70 $5,140

7

430 $22.00 $9,460 enter a number of units $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
enter a number of units $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
$enter a total of the two previous amounts

18

200 $enter a dollar amount rounded to 2 decimal places $enter a dollar amount enter a number of units $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
170 $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
370 $enter a total of the two previous amounts

26

350 $20.60 $7,210 enter a number of units $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
enter a number of units $enter a dollar amount rounded to 2 decimal places $enter a dollar amount
$enter a total of the two previous amounts
image text in transcribed
image text in transcribed
NWP Asesme Question 3 of 10 > ill View Policies Current Attempt in Progress Ivanhoe Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record: (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost Of Goods Sold Inventory Date Units Cost Total Units Cost Total Units June 1 Beginning Inventory 200 $25.70 $5,140 7 430 $22.00 $9.460 18 200 $ $ 170 $ $ 370 26 350 $20.60 $7,210 NWP Asement Player uestion 3 of 10 -/1 CYFLEO urrent Attempt in Progress vanhoe Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record: (Round cost per unit to 2 decimal places, e.g. 52.75.) Inventory Balance Total Units Cost Total 200 $25.70 $5,140 $ A $ $ $ $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

Identify the characteristics of commu- nity property.

Answered: 1 week ago

Question

5. How would you describe your typical day at work?

Answered: 1 week ago

Question

7. What qualities do you see as necessary for your line of work?

Answered: 1 week ago