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Crane Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July July 6 July 11 July 14 July 21 1 Units Purchases 5 6 7 Unit Cost $140 $154 $165 Sales Units 3 5 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. 5

Crane Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July July 6 July 11 July 14 July 21 1 Units Purchases 5 6 7 Unit Cost $140 $154 $165 Sales Units 3 5 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Crane Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 Units Purchases 5 6 Unit Cost 7 $140 July 6 July 11 July 14 July 21 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. $154 Sales Units $165 3 5 5
Transcribed Image Text:Crane Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 Units Purchases 5 6 Unit Cost 7 $140 July 6 July 11 July 14 July 21 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. $154 Sales Units $165 3 5 5
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