Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold.DateMay 11524ExplanationInventoryPurchasesPurchasesTotalsEnding inventory at May 31UnitsCost of goods sold332839100$Unit Cost$$101314Total CostCalculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit costto 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)FIFO$330364546$1,240$$LIFOS$Average-cost

Name: Crane Inc. uses a periodic inventory system. Its records show the fol
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Description: Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold.DateMay 11524ExplanationInventoryPurchasesPurchasesTotalsEnding inventory at May 31UnitsCost of goods sold332839100$Unit Co

FIFO Method:FIFO method uses the price of the first batch of materials purchased for all issues,…

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Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Units Unit Cost 33 28 39 100 $10 13 14 Total Cost $330 364 546 $1,240 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Units Unit Cost 33 28 39 100 $10 13 14 Total Cost $330 364 546 $1,240 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

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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Calculate the cost of goods sold for may and the ending inventory at may 31 using the FIFO formula.