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The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory Unit Cost $7.40 7.70 8.00 1. Inventory 2. Purchase 3. Sale (at $16.00) 4. Purchase 5. Sale (at $16.00) 6. Purchase 7. Sale (at $19.00) 8. Purchase Units 5,200 10,400 7,300 9,400 15,600 17,600 15,600 10,400 8.16 8.30 Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent

The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory Unit Cost $7.40 7.70 8.00 1. Inventory 2. Purchase 3. Sale (at $16.00) 4. Purchase 5. Sale (at $16.00) 6. Purchase 7. Sale (at $19.00) 8. Purchase Units 5,200 10,400 7,300 9,400 15,600 17,600 15,600 10,400 8.16 8.30 Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost $7.40 7.70 1. Inventory 2. Purchase 3. Sale (at $16.00) 4. Purchase 5. Sale (at $16.00) 6. Purchase 7. Sale (at $19.00) 8. Purchase Units 5,200 10,400 7,300 9,400 15,600 17,600 15,600 10,400 8.00 8.16 8.30 Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.): Independent Assumptions FIFO b. Weighted average, periodic inventory system Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
Transcribed Image Text:The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost $7.40 7.70 1. Inventory 2. Purchase 3. Sale (at $16.00) 4. Purchase 5. Sale (at $16.00) 6. Purchase 7. Sale (at $19.00) 8. Purchase Units 5,200 10,400 7,300 9,400 15,600 17,600 15,600 10,400 8.00 8.16 8.30 Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.): Independent Assumptions FIFO b. Weighted average, periodic inventory system Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
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