Question: Ivanhoe Company reported these income statement data for a 2-year period. 2022 2021 Sales revenue $274,600 $229.250 Beginning inventory 36,430 29,000 Cost of goods purchased
Ivanhoe Company reported these income statement data for a 2-year period. 2022 2021 Sales revenue $274,600 $229.250 Beginning inventory 36,430 29,000 Cost of goods purchased 218,030 156,920 Cost of goods available for sale 254,460 185,920 Less: Ending inventory 49,780 36,430 Cost of goods sold 204,680 149,490 Gross profit $69,920 $79,760 Ivanhoe Company uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31,2021 , is overstated by $7,920.
Calculate as well the fifo ending inventory and cost of goods sold
Lifo ending inventory and cost of goods sold
Average cost ending inventory and cost of goods sold
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