The Following Data Was Obtained from the Records of Ivanovich

question 82

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 average cost per unit to two decimal places.Round final answers to the nearest dollar.
2.Calculate the cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average cost.Round average cost per unit to two decimal places.Round final answers to the nearest dollar.

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Definitions:

Exculpatory Clause

An Exculpatory Clause is a contract provision that relieves one party from liability for harm or damage that could occur to the other party under the agreement.

Public Policy

Principles and standards considered to be in the public interest, which guide lawmakers and regulators.

Negligence Liability

Legal responsibility that arises from failing to act with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Regulatory

Pertaining to rules or directives made and maintained by an authority to regulate activities, often within specific industries.