Ivanhoe Corporation sells item A as part of its product line. Information as to balances on...

   

 

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Ivanhoe Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2025. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,330 Quantities 600 Sold 340 620 Balance 440 1,770 1,430 810 1,410 Unit Price of Purchase $4.60 $4.90 $5.10 Required Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Ivanhoe Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2025. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,330 Quantities 600 Sold 340 620 Balance 440 1,770 1,430 810 1,410 Unit Price of Purchase $4.60 $4.90 $5.10 Required Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.

Answer rating: 100% (QA)

To compute the ending inventory at June 30 using the perpetual LIFO Last In First Out inventory pricing method we need to determine the cost of the re... View the full answer