Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

based on photo 1, need help filling out missing values in photo 2 CES Accounting Cycle Review 6a-f On December 1, 2020, Coronado Company had

based on photo 1, need help filling out missing values in photo 2
image text in transcribed
image text in transcribed
CES Accounting Cycle Review 6a-f On December 1, 2020, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Debit $5,100 Accumulated Depreciation-Equipment 4,700 Accounts Payable 2,040" Owner's Capital 20,000 $31,840 Credit $1,200 4,000 26,640 ady $31,840 *(3,400 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,200 units of inventory on account for $0.90 per unt. (Coronado sold 3,400 of the $0.60 units and 1,800 of the $0.74.) 7 Granted the December 5 customer $159 credit for 200 units of inventory returned costing $106. These units were returned to inventory 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 2,500 units of inventory on account for $0.95 per unit. (Coronado sold 2,800 of the $0.74 units.) Adjustment data: 1. Accrued salaries payable $700. 2. Depreciation $360 per month (e) Compute ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ (1) Compute ending inventory and cost of goods sold under UFO, assuming Coronado Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold Click if you would like to show Work for this questioni Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Well Church Book A Practical Guide To Mission Audit

Authors: John Finney

1st Edition

0862015499, 978-0862015497

More Books

Students also viewed these Accounting questions

Question

Find the area of the shaded region. (a) (b) 4 + 3 sin

Answered: 1 week ago

Question

Be aware of your role and the roles of others in groups and teams.

Answered: 1 week ago