Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $ 23 per unit. None of this inventory was sold in 2019. Relevant information is as follows.
Ending inventory units
December 31, 2019 165
December 31, 2020, by purchase date December 2, 2020 165
July 20, 2020 50 215
During the year 2020, the following purchases and sales were made.
Purchases | Sales
March 15 365 units at $ 28 | April 10 265
July 20 365 units at $29 | August 20 365
September 4 265 units at $32 | November 18 215
December 2 165 units at $35 | December 12 265
The company uses the periodic inventory method.
(a1) Correct answer icon Your answer is correct.
Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)
Average-cost $ 29.325
(a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.)
ending inventory:
Specific Identification
FIFO
LIFO
Average-Cost
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
