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# Ivanhoe Company is a retailer operating in Calgary, Alberta. Ivanhoe Company uses the perpetual inve

Ivanhoe Company is a retailer operating in Calgary, Alberta. Ivanhoe Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Ivanhoe Company for the month of January 2017.

Ivanhoe Company is a retailer operating in Calgary, Alberta. Ivanhoe Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for lvanhoe Company for the month of January 2017. Date Description Quantity Unit Cost or Selling Price \$22 Dec. 31 Ending inventory 170 Purchase Jan. 2 100 24 42 Jan. 6 Sale 197 Jan. 9 Purchase 68 26 Jan. 10 Sale 47 47 Jan. 23 Purchase 100 27 Jan. 30 Sale 141 50 Your answer is correct. Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) \$ Jan. 1 22.00 Jan. 2 \$ 22.741 \$ Jan. 6 22.741 Jan. 9 \$ 24.313 Jan. 10 \$ 24.313 Jan. 23 \$ 25.698 Jan. 30 \$ 25.698 tA Your answer is incorrect. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.) (1) LIFO. (2) FIFO (3) Moving-average. Moving-average LIFO FIFO Cost of goods sold Ending inventory \$ \$ \$ \$ Gross profit tA LA tA tA tA tA

Apr 04 2020 View more View Less