The Following Data Was Obtained from the Records of Ivanovich

question 56

Essay

The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units.
Required:
1. Calculate the cost of the ending inventory using:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
2. Calculate the cost of goods sold by:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.

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Definitions:

Air-cooled

Pertaining to a method of cooling machines, engines, or electronic devices by circulating air to remove heat.

Output Frequency

The frequency of the signal or current output by a device or circuit, which can vary based on the input or system design.

Stator Poles

Components of an electric machine, such as a motor or generator, that are stationary and create a magnetic field which interacts with the rotor to induce motion or generate electricity.

Rotor Rotation Speed

The speed at which the rotor of a mechanical device, such as an electric generator or motor, spins.