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Date 1/1 3/6 6/26 8/2 10/31 Transaction Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 $30 51 32 33 53

Date 1/1 3/6 6/26 8/2 10/31 Transaction Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 $30 51 32 33 53

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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Date 1/1 Beginning inventory 3/6 6/26 8/2 Purchase 10/31 (a) (b) (c) (d). Transaction (e) (f) Sale Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, average-cost flow $30 Perpetual system, moving-average cost flow $ $ $ $ 51 $ 32 33 53 Cost of goods sold
Transcribed Image Text:Date 1/1 Beginning inventory 3/6 6/26 8/2 Purchase 10/31 (a) (b) (c) (d). Transaction (e) (f) Sale Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Coronado uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, average-cost flow $30 Perpetual system, moving-average cost flow $ $ $ $ 51 $ 32 33 53 Cost of goods sold
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