The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item:UnitCostUnits4,800 $7.809,600 8.106,7008,600 8.4014,40016,400 8.5614,4009,600 8.701.2.3.4.5.6.7. Sale (at $19.80)8.PurchaseInventoryPurchaseSale (at $16.80)PurchaseSale (at $16.80)PurchaseRequired:Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.)Independent Assumptionsa. FIFOb. Weighted average, periodic inventory systemc. Moving average, perpetual inventory systemEnding InventoryUnits and AmountsCost of GoodsSoldGross Margin

The ending inventory is the amount of inventory in hand at the end of the period. It is reported as…

The records of Cordova Corp. showed th 1. Inventory 2. Purchase 3. Sale (at $16.80) Purchase 4. Sale (at $16.80) Purchase 5678AWN2 5. 6. 7. Sale (at $19.80) 8. Purchase Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 Required: Complete the following schedule for each Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual inventory system

The records of Cordova Corp. showed th 1. Inventory 2. Purchase 3. Sale (at $16.80) Purchase 4. Sale (at $16.80) Purchase 5678AWN2 5. 6. 7. Sale (at $19.80) 8. Purchase Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 Required: Complete the following schedule for each Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual 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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Date Oct. 1 Oct. 9 Oct. 17 Oct. 11 Sale Oct. 22 Oct. 25 Description Beginning inventory Purchase (a1) Purchase Sale Purchase Oct.29 Sale Units 70 125 95 95 70 80 105 Unit Cost or Selling Price $26 Weighted-average cost per unit $ 28 40 29 45 31 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) 11₁ SI
M&M Inventory Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange $12 24 5th Yellow 4 $14 56 Sold SALE 6th 3 #1 Units 8th Green $16 32 10th Blue 3 $18 54 Sold SALE 11th 4 #2 Units 12th Brown 3 $20 60 Sold SALE 15th # 3 Units Calculate COGS for each sale and Ending Inventory under FIFO, LIFO, and Wtd. Avg. Methods %23 2.
Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).