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Ivanhoe Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a
Ivanhoe Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $26 per unit. None of this inventory was sold in 2016. Relevant information is as follows Ending inventory units December 31, 2016 December 31, 2017, by purchase date 137 December 2, 2017 July 20, 2017 137 50 187 During the year 2017, the following purchases and sales were made Sales March 15 337 units at $1April 10 July 20 Septamber 4 237 units at 36 November 18 187 December 2 137 units at 39 December 12 237 237 337 units at 32 August 20 337 The company uses the periodic inventory method Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Determine ending inventory under(1) specific identification, (2) FIFO, (3) LIFO, and (4)average-cost. (Round answers to O decimal places, e.g. 2,760.) Specific I FIFO LIFO Average-Cost Ending Inventory Calculate price index (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $26 per unit.) (Round answer to 0 decimal places, e-g. 2,760.) Ending inventory at dollar-value LIFO Click if you would like to Show Work for this question: Open Show Work
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