88 % edugen.wileyplus.com Problem 6-06A a1-a2 You are provided with 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 70e per liter March 3 Purchased 2,500 iters at a cost of 74c per liter March 5 Sold 2,300 iters for $1.05 per liter. March 10 Purchased 4,000 iters at a cost of 81 per liter. March 20 Purchased 2,500 iters at a cost of 89e per liter March 30 Sold 5,000 iters for $1.25 per iter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) ) Specific identification method assuming: ) The March 5 sale consisted of 1,000 iters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and () 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 iters from March 10; 1,100 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification FIFO LIFO UK T Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) () Specific identification method assuming: ) The March 5 sale consisted of 1,000 iters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and () 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 lters from March 10; 1,100 liters from March 20. (2) FIFO (3) LIFO CORONADO INC. Income Statement (partial) Specific Identification FIFO LIFO Click if you would like to Show Work for this question: Open Show Work
88 % edugen.wileyplus.com Problem 6-06A a1-a2 You are provided with t
88 % edugen.wileyplus.com Problem 6-06A a1-a2 You are provided with 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 70e per liter March 3 Purchased 2,500 iters at a cost of 74c per liter March 5 Sold 2,300 iters for $1.05 per liter. March 10 Purchased 4,000 iters at a cost of 81 per liter. March 20 Purchased 2,500 iters at a cost of 89e per liter March 30 Sold 5,000 iters for $1.25 per iter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) ) Specific identification method assuming: ) The March 5 sale consisted of 1,000 iters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and () 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 iters from March 10; 1,100 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification FIFO LIFO UK T Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) () Specific identification method assuming: ) The March 5 sale consisted of 1,000 iters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and () 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 lters from March 10; 1,100 liters from March 20. (2) FIFO (3) LIFO CORONADO INC. Income Statement (partial) Specific Identification FIFO LIFO Click if you would like to Show Work for this question: Open Show Work
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