Question
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Units Unit Cost 1. Inventory 6,400
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item:
Units Unit Cost 1. Inventory 6,400 $ 6.20
UNITS UNIT COST $
2. Purchase 1 2,800 $6.50
3. Sale (at $13.60) 9,100
4. Purchase 11,800 6.80
5. Sale (at $13.60) 19,200
6. Purchase 21,200 6.96
7. Sale (at $16.60) 19,200
8. Purchase 12,800 $7.10
Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.)
FIFO: Ending inventory, CGS, Gross Margin
WEIGHTED AVERAGE PERIODIC INV: Ending inventory, CGS, Gross Margin
MOVING AVERAGE PERPETUAL INV: Ending inventory, CGS, Gross Margin
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