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You are given the following information for Ivanhoe Company. All transactions are settled in cash. Ivanhoe uses a perpetual inventory system and the weighted

You are given the following information for Ivanhoe Company. All transactions are settled in cash. Ivanhoe uses a perpetual inventory system and the weighted average cost formula. Increased competition has reduced the price of the product. Date Transaction Units Unit Price July 1 Beginning inventory 25 $16 5 Purchase 55 15 8 Sale (70) 27 15 Purchase 55 14 20 Sale (55) 24 25 Purchase 10 13.

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