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 $12.80) 4. Purchase 5. Sale (at $12.80) 6. Purchase 7. Sale (at $15.80) 8. Purchase Unit Units Cost 6,800 $5.80 13,600 6.10 9,700 12,600 6.40 20,400 22,400 6.56 20,400 13,600 6.70 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
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 $12.80) 4. Purchase 5. Sale (at $12.80) 6. Purchase 7. Sale (at $15.80) 8. Purchase Unit Units Cost 6,800 $5.80 13,600 6.10 9,700 12,600 6.40 20,400 22,400 6.56 20,400 13,600 6.70 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
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 $12.80)
4.
Purchase
5. Sale (at $12.80)
6.
7.
8. Purchase
Purchase
Sale (at $15.80)
Unit
Units Cost
6,800 $5.80
13,600 6.10
9,700
12,600 6.40
20,400
22,400 6.56
20,400
13,600 6.70
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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