Crane Corporation acquired two inventory items at a lump-sum cost of $119000. The acquisition included 2970 units of product LF and 5940 units of product 18. LF normally sells for $30 per unit and 18 for $10 per unit. If Crane sells 990 units of LF, what amount of gross profit should it recognize? O $5900. O $1967. O $32630. O $29700.

Crane Corporation acquired two inventory items at a lump-sum cost of $119000. The acquisition included 2970 units of product LF and 5940 units of product 18. LF normally sells for $30 per unit and 18 for $10 per unit. If Crane sells 990 units of LF, what amount of gross profit should it recognize? O $5900. O $1967. O $32630. O $29700.

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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