Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases...

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Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchase

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Answer 1

Answer #1

Using Conventional retail inventory method ending inventory is calculated at cost

So Ending Inventory will be -

Beginning Inventory - $ 252942 At Cost

Add Purchases - $ 1383000 At Cost

Good Available for Sale - $ 1635942

Less Sale Revenue - $ 2228000

Ending Inventory - $ 592058

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Answer 2

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