d 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 $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system a. b. Unit Cost Units 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory Units and Amounts Cost of Goods Sold 121,848 121,675 X 121,676 $ 311,000 311,064 311,328✔ Gross Margin 370,200 370,136 369,872 $
d 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 $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system a. b. Unit Cost Units 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory Units and Amounts Cost of Goods Sold 121,848 121,675 X 121,676 $ 311,000 311,064 311,328✔ Gross Margin 370,200 370,136 369,872 $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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