Crane Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 110 $5 $550 12 Purchase 365 6 2,190 23 Purchase 210 7 1,470 30 Inventory 250 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, e.g. 125.) Cost of the ending $ inventory Cost of goods sold $ FIFO $ $ LIFO Average-cost $ $

Crane Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 110 $5 $550 12 Purchase 365 6 2,190 23 Purchase 210 7 1,470 30 Inventory 250 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, e.g. 125.) Cost of the ending $ inventory Cost of goods sold $ FIFO $ $ LIFO Average-cost $ $

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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