Assume that Crane Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,200 @ $4.00 1,200 units Feb. 10 5,600 @ $4.40 6,800 units Feb. 21 5,000 units 1,800 units Feb. 28 1,500 @ $4.75 3,300 units Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Assume that Crane Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,200 @ $4.00 1,200 units Feb. 10 5,600 @ $4.40 6,800 units Feb. 21 5,000 units 1,800 units Feb. 28 1,500 @ $4.75 3,300 units Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Assume that Crane Company has the following transactions in its first month of operations.
|
Date
|
Purchases
|
Sold
|
Balance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Feb.
|
1
|
1,200 @ $4.00 | 1,200 | units | |||||
|
Feb.
|
10
|
5,600 @ $4.40 | 6,800 | units | |||||
|
Feb.
|
21
|
5,000 | units | 1,800 | units | ||||
|
Feb.
|
28
|
1,500 @ $4.75 | 3,300 | units |
Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)
|
FIFO
|
||
|---|---|---|
|
Cost of goods sold
|
$enter a dollar amount | |
|
Ending inventory
|
$enter a dollar amount |
Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)
|
LIFO
|
||
|---|---|---|
|
Cost of goods sold
|
$enter a dollar amount | |
|
Ending inventory
|
$enter a dollar amount |
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