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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