Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year:ActivityUnitsPurchase Price (per unit)Sale Price (per unit)Beginning inventory110$7.10 Purchase 1, Jan. 185757.20 Sale 1380 $12.00 Sale 2225 12.00 Purchase 2, Mar. 106807.50 Sale 3270 12.00 Sale 4290 12.50 Purchase 3, Sept. 302307.70 Sale 5240 12.50 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method.Cost of ending inventory??????????????Cost of goods sold???????????? 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)Cost of ending inventory???????????????????Cost of goods sold???????????

Name: Crandall Distributors uses a perpetual inventory system and has the fo
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Description: Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year:ActivityUnitsPurchase Price (per unit)Sale Price (per unit)Beginning inventory110$7.10 Purchase 1, Ja

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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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Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year:

Activity	Units	Purchase Price (per unit)	Sale Price (per unit)
Beginning inventory	110	$7.10
Purchase 1, Jan. 18	575	7.20
Sale 1	380			$12.00
Sale 2	225			12.00
Purchase 2, Mar. 10	680	7.50
Sale 3	270			12.00
Sale 4	290			12.50
Purchase 3, Sept. 30	230	7.70
Sale 5	240			12.50

3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method.

Cost of ending inventory	??????????????
Cost of goods sold	????????????

4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)

Cost of ending inventory	???????????????????
Cost of goods sold	???????????

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