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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Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Derzon, Inc. for an operating period. Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O Units Unit Cost Total Cost Units Sold 30 $28 $ 840 A. $1,480 B. $1,600 C. $1,120 D. $1,680 50 20 100 40 44 2,000 880 $3,720 20 Assuming Derzon, Inc. uses FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for: 40 60
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
Please help me solve the following problems. Please be as clear as possible and no typos please :)1) Revenue $18,000Dividends $6,000Expenses $10,0001/1 Retained Earnings $4,00012/31 Retained Earnings-unknown2) Revenue $63,000Dividends $21,000Expenses $38,0001/1 Retained Earnings -unknown12/31 $16,0003) Revenue $46,000Dividends-unknownExpenses $30,0001/1 Retained Earnings $13,00012/31 Retained Earnings $22,0004) Revenue $97,000Dividends $0Expenses-unknown1/1 Retained Earnings $36,00012/31 Retained Earnings $57,0005) Revenue-unknownDividends $80,000Expenses $70,0001/1 Retained Earnings $28,00012/31 Retained Earnings $32,000
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
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nventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory 980 $7.19 Mar.10 Purchase 540 7.61 Mar.16 Purchase 720 8.07 Mar. 23 Purchase 550 8.47 Marvin sold 1,850 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $11,269. $15,670. F2 20 F3 4). FII F6 F7 F9 F10 @ 2$ & 2 4 5 6 7 8 { W E Y S D F G H K C V В # 3
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[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
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