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The following information is available for Ivanhoe Company: Beginning inventory 648 units at $4.00 First purchase 972 units at $6.00 Second purchase 540 units at
The following information is available for Ivanhoe Company: Beginning inventory 648 units at $4.00 First purchase 972 units at $6.00 Second purchase 540 units at $7.00 Assume that Ivanhoe uses a periodic inventory system and that there are 800 units left at the end of the month. Compute each of the following under the average-cost method: (a) Cost of ending inventory. (b) Cost of goods sold. (Round average cost per unit to 2 decimal places, e.g.15.25 and final answers to O decimal places, e.g. 1,525.) Cost of ending inventory $ Cost of goods sold $
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