On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,400 x $0.60) Dec. 3 5 The following transactions occurred during December: 7 (f) 17 22 Debit $5,100 Accumulated Depreciation-Equipment Accounts Payable 2,040 Owner's Capital Adjustment data: 20,000 4,700 $31,840 1. Recognized accrued salaries payable $700. 2. Recognized depreciation $360 per month. Ending Inventory Cost of Goods Sold Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. Sold 5,200 units of inventory on account for $0.90 per unit. (Coronado sold 3,400 of the $0.60 units and 1,800 of the $0.74.) Your answer is incorrect. Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were eturned to inventory. Credit Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,500 units of inventory on account for $0.95 per unit. (Coronado sold 2,500 of the $0.74 units.) $1,200 $ 4,000 $ 26,640 $31,840 Compute ending inventory and cost of goods 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 *(3,400 x $0.60) Dec. 3 5 The following transactions occurred during December: 7 (f) 17 22 Debit $5,100 Accumulated Depreciation-Equipment Accounts Payable 2,040 Owner's Capital Adjustment data: 20,000 4,700 $31,840 1. Recognized accrued salaries payable $700. 2. Recognized depreciation $360 per month. Ending Inventory Cost of Goods Sold Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. Sold 5,200 units of inventory on account for $0.90 per unit. (Coronado sold 3,400 of the $0.60 units and 1,800 of the $0.74.) Your answer is incorrect. Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were eturned to inventory. Credit Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,500 units of inventory on account for $0.95 per unit. (Coronado sold 2,500 of the $0.74 units.) $1,200 $ 4,000 $ 26,640 $31,840 Compute ending inventory and cost of goods sold under LIFO, assuming Coronado Company uses the periodic inventory system.

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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