Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units Unit Cost 32 25 43 100 Your answer is correct. eTextbook and Media Weighted-average unit cost $ x Your answer is incorrect $8 9 Ending inventory at May 01 10 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Total Cost $256 225 430 Firo $911 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods and newers to decimal places, es 1253 9.11 230 LIFO 164 AVERAGE COST
Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units Unit Cost 32 25 43 100 Your answer is correct. eTextbook and Media Weighted-average unit cost $ x Your answer is incorrect $8 9 Ending inventory at May 01 10 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Total Cost $256 225 430 Firo $911 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods and newers to decimal places, es 1253 9.11 230 LIFO 164 AVERAGE COST
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold.
Date
May 1
15
24
Explanation
Inventory
Purchase
Purchase
Total
Units Unit Cost Total Cost
$8
$256
225
32
25
43
100
✓ Your answer is correct.
Weighted-average unit cost
eTextbook and Media
x Your answer is incorrect
9
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125)
10
Ending inventory at May
01
430
$911
Firo
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. Round anwers to decimal places, eg
1253
911
230
LIFO
164
AVERAGE COST
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