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April 1 (balance on hand) 4 Purchases 8 300 750 400 $5.10 5.20 5.50 I was as April 3 9 11 Sales 250 @ $10.00 700 @ 300 @ 10.00 11.00

April 1 (balance on hand) 4 Purchases 8 300 750 400 $5.10 5.20 5.50 I was as April 3 9 11 Sales 250 @ $10.00 700 @ 300 @ 10.00 11.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q9

Crane Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 Purchases 29 $5.10 750 @ 5.20 300 @ 400 (@ 5.50 600 @ 350 @ 250 @ 2,650 5.60 5.70 5.90 April 3 9 11 23 27 Sales 250 @ $10.00 700 @ 300 @ 600 450 2,300 (@ 10.00 11.00 11.00 12.00
Transcribed Image Text:Crane Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 Purchases 29 $5.10 750 @ 5.20 300 @ 400 (@ 5.50 600 @ 350 @ 250 @ 2,650 5.60 5.70 5.90 April 3 9 11 23 27 Sales 250 @ $10.00 700 @ 300 @ 600 450 2,300 (@ 10.00 11.00 11.00 12.00
Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average- cost. (Round answer to O decimal places, e.g. 2,760.) LIFO $ Average-cost $ Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to O decimal places, e.g. 2,760.) Inventory $ (1) FIFO Cost of goods sold $ $ (2) LIFO Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to O decimal places, e.g. 2,760.)
Transcribed Image Text:Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average- cost. (Round answer to O decimal places, e.g. 2,760.) LIFO $ Average-cost $ Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to O decimal places, e.g. 2,760.) Inventory $ (1) FIFO Cost of goods sold $ $ (2) LIFO Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to O decimal places, e.g. 2,760.)
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