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I am needing assistance with Gross Profit/Loss for my table. Specific Identification, FIFO& LIFO! You have the following information for Coronado Inc. Coronado Inc. uses
I am needing assistance with Gross Profit/Loss for my table. Specific Identification, FIFO& LIFO!
You have the following information for Coronado Inc. Coronado Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 70 per liter. March 3 Purchased 2,500 liters at a cost of 744 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 81& per liter. March 20 Purchased 2,500 liters at a cost of 894 per liter. March 30 Sold 5,000 liters for $1.25 per liter. (a1) (a2) Your answer is partially correct. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions, (Round answers to 2 decimal places, es. 125.25.) (1) Specificidentification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase, and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1;550 liters from March 3;2,900 liters from March 10; 1,100 liters from March 20 . (2) FIFO (3) UFO Step by Step Solution
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