Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 $17.60)
4. Purchase
5. Sale (at $17.60)
6. Purchase
7. Sale (at $20.60)
8. Purchase
Unit
Units Cost
4,400 $8.20
8,800 8.50
6,100
7,800
8.80
13,200
15,200 8.96
13,200
8,800 9.10
Required:
Complete the following schedule for each Independent assumption. (Round unit costs to the nearest cent.)
Independent Assumptions
a. FIFO
b. Weighted average. periodic inventory system
c. Moving average, perpetual inventory system
Ending Inventory
Units and Amounts
Cost of Goods
Sold
Gross Margin
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