Required

Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula.

Also calculate the per-unit cost of the last item sold.

The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 23,600 5,500 31,500 8,500 39,500 15,500 20,000 9,500 17,700 Cost/ Selling Price $40.00 91.00 31.25 38.00 91.00 28.50 91.00 53.50 91.00