Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Quantities Purchased 1,300 630 Sold 330 605 Balance Unit Price of Purchase 430 1,730 1,400 795 1,425 $4.60 $4.80 $5.30 (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Ending inventory $ Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method. Cost of Goods Sold $
Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Quantities Purchased 1,300 630 Sold 330 605 Balance Unit Price of Purchase 430 1,730 1,400 795 1,425 $4.60 $4.80 $5.30 (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Ending inventory $ Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method. Cost of Goods Sold $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item
A are given in the following table for the first six months of 2020.
Date
January 11
January 24
February 8
March 16
June 11
Quantities
Purchased
1,300
630
Sold
330
605
Balance
Unit Price of
Purchase
430
1,730
1,400
795
1,425
$4.60
$4.80
$5.30
(a)
Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
Ending inventory $
Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method.
Cost of Goods Sold $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4417b3d7-1b07-47f5-acda-4c165cd68d18%2F543b1a01-c867-49f5-a915-c66509118851%2Flb1fdsb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item
A are given in the following table for the first six months of 2020.
Date
January 11
January 24
February 8
March 16
June 11
Quantities
Purchased
1,300
630
Sold
330
605
Balance
Unit Price of
Purchase
430
1,730
1,400
795
1,425
$4.60
$4.80
$5.30
(a)
Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
Ending inventory $
Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method.
Cost of Goods Sold $
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