Crane Company reports the following for the month of June. Units June 1 Inventory 400 Purchase 550 Purchase 850 30 Inventory 260 (a) 12 23 Ending inventory $ Unit Cost $5.00 6.00 Cost of goods sold $ Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. 7.00 FIFO Total Cost $2,000 3,300 5,950 10 VA LIFO

Crane Company reports the following for the month of June. Units June 1 Inventory 400 Purchase 550 Purchase 850 30 Inventory 260 (a) 12 23 Ending inventory $ Unit Cost $5.00 6.00 Cost of goods sold $ Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. 7.00 FIFO Total Cost $2,000 3,300 5,950 10 VA LIFO

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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