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(Solved) Exercise 8-12 (Part Level Submission) Ivanhoe Company was formed on December 1, 2016. The following information is available from Ivanhoe's inventory...


ACC/421 Intermediate accounting II week 2 Wiley exercise 8-12 p

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Exercise 8-12 (Part Level Submission)
Ivanhoe Company was formed on December 1, 2016. The following information is available from
Ivanhoe’s inventory records for Product BAP.
Units
January 1, 2017 (beginning inventory) Unit Cost 720 $ 8.00 January 5, 2017 1,440 9.00 January 25, 2017 1,560 10.00 February 16, 2017 960 11.00 March 26, 2017 720 12.00 Purchases: A physical inventory on March 31, 2017, shows 1,920 units on hand.
Don't show me this message again for the assignment (a) Your answer is correct. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory
method.
IVANHOE COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER FIFO INVENTORY METHOD
March 31, 2017
Units Unit Cost
$ EAT_1450677385 Purchases March 26, 2017 Total Cost
$ 720
12 8640 EAT_1450677385 Purchases February 16, 2017 960 11 10560 240 10 2400 EAT_1450677385 Purchases January 25, 2017 $ EAT_1450677385 Ending Inventory 1920
21600 Don't show me this message again for the assignment Show Answer Link to Text
Attempts: 1 of 3 used (b) Your answer is correct. Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory
method. IVANHOE COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER LIFO INVENTORY METHOD
March 31, 2017
Units Unit Cost
$ EAT_1450677385 Beginning Inventory Total Cost
$ 720
8 5760 9 10800 EAT_1450677385 Purchases January 5, 2017 1200 $ EAT_1450677385 Ending Inventory 1920
16560 Don't show me this message again for the assignment Show Answer Link to Text
Attempts: 1 of 3 used (c1)
Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) $
Weighted average-cost per unit Don't show me this message again for the assignment Link to Text

 


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