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Compute the ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system. 2. Compute the ending inventory and cost of good sold under LIFO, assuming Coronado Company uses the periodic inventory system.

Compute the ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system. 2. Compute the ending inventory and cost of good sold under LIFO, assuming Coronado Company uses the periodic inventory system.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,000 x $0.60) Dec. 3 1. 5 2. 7 17 22 Debit The following transactions occurred during December: Adjustment data: $5,000 5,000 1,800 21,000 $32,800 14 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 Recognized accrued salaries payable $400. Recognized depreciation $400 per month. 3,400 28,200 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) $32,800 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.84 each. Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.)
 
1. Compute the ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system.
2. Compute the ending inventory and cost of good sold under LIFO, assuming Coronado Company uses the periodic inventory system.
 
On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment (3000x $0.60) The following transactions occurred during December: 1. 7 2 17 Debit Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.40 units and 1,500 of the $0.78) 22 Adjustment data: $5,000 Accumulated Depreciation-Equipment 5,000 Accounts Payable 1,800 Owner's Capital 21,000 $32,800 Credit $1.200 3,400 28,200 $32,800 Recognized accrued salaries payable $400. Recognized depreciation $400 per month 4 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $116. These units were returned to inventory Purchased 2,000 units of inventory for cash at $0.84 each Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units)
Transcribed Image Text:On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment (3000x $0.60) The following transactions occurred during December: 1. 7 2 17 Debit Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.40 units and 1,500 of the $0.78) 22 Adjustment data: $5,000 Accumulated Depreciation-Equipment 5,000 Accounts Payable 1,800 Owner's Capital 21,000 $32,800 Credit $1.200 3,400 28,200 $32,800 Recognized accrued salaries payable $400. Recognized depreciation $400 per month 4 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $116. These units were returned to inventory Purchased 2,000 units of inventory for cash at $0.84 each Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units)
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