dThe records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item:Required:Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.)a.1. Inventory2. Purchase3. Sale (at $15.20)4.Purchase5. Sale (at $15.20)6. Purchase7. Sale (at $18.20)8. PurchaseIndependent AssumptionsFIFOWeighted average, periodic inventorysystemMoving average, perpetual inventorysystemb.UnitUnits Cost5,600 $7.0011,200 7.307,90010,200 7.6016,80018,800 7.7616,80011,200 7.90C.$EndingInventory121,848121,675 X121,676Units and AmountsCost of GoodsSold$311,000311,064311,328$Gross Margin370,200370,136 X369,872

Under a periodic inventory system cost of goods sold will be calculated at the end of the period…

d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system a. b. Unit Cost Units 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory Units and Amounts Cost of Goods Sold 121,848 121,675 X 121,676 $ 311,000 311,064 311,328✔ Gross Margin 370,200 370,136 369,872 $

d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system a. b. Unit Cost Units 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory Units and Amounts Cost of Goods Sold 121,848 121,675 X 121,676 $ 311,000 311,064 311,328✔ Gross Margin 370,200 370,136 369,872 $

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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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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