Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows:**Ending Inventory Units**- December 31, 2019: 165 units- December 31, 2020, by purchase date: - December 2, 2020: 165 units - July 20, 2020: 50 units - Total: 215 units**Purchases and Sales in 2020:**| Purchases | Sales ||----------------------|------------------|| March 15: 365 units at $28 | April 10: 265 units || July 20: 365 units at $29 | August 20: 365 units || September 4: 265 units at $32 | November 18: 215 units || December 2: 165 units at $35 | December 12: 265 units |The company uses the periodic inventory method.**Average-Cost Calculation:**- Incorrect answer notification with space for input.- Instruction: Calculate average cost per unit (Round answer to 2 decimal places, e.g., 27.6).- Example answer displayed: Average-cost $27.32This information includes the details of inventory transactions, ending inventory units, and calculations requiring rounding to two decimal places.

Under weighted average cost method using periodic inventory system, value of ending inventory and…

Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodic inventory method. (a1) X Your answer is incorrect. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost %24 27.32

Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodic inventory method. (a1) X Your answer is incorrect. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost %24 27.32

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.
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