Crane Trading Company uses a periodic inventory system and has a beginning inventory as of April 1 of 270 tents. This consists of 270 tents purchased in February at a cost of $450 each. During April, the company had the following purchases and sales of tents. Purchases Sales Date Units Unit Cost Units Unit Price April 3 193 $640 10 320 $490 17 370 640 24 420 510 30 320 640 640 (a1) Determine cost of goods available for sale and ending inventory in units. Cost of goods available for sale Ending inventory in units eTextbook and Media Save for Later $ Attempts: 0 of 2 used Submit Answer (a2) Determine the April cost of goods sold and the cost of the April 30 ending inventory using FIFO, LIFO, and average-cost. (Round average-cost ending inventory to 2 decimal places, e.g. 5.12 and final answers to O decimal places, e.g. 5,250.) Cost of the ending inventory $ Cost of goods sold $ FIFO $ LIFO Average-cost $ $
Crane Trading Company uses a periodic inventory system and has a beginning inventory as of April 1 of 270 tents. This consists of 270 tents purchased in February at a cost of $450 each. During April, the company had the following purchases and sales of tents. Purchases Sales Date Units Unit Cost Units Unit Price April 3 193 $640 10 320 $490 17 370 640 24 420 510 30 320 640 640 (a1) Determine cost of goods available for sale and ending inventory in units. Cost of goods available for sale Ending inventory in units eTextbook and Media Save for Later $ Attempts: 0 of 2 used Submit Answer (a2) Determine the April cost of goods sold and the cost of the April 30 ending inventory using FIFO, LIFO, and average-cost. (Round average-cost ending inventory to 2 decimal places, e.g. 5.12 and final answers to O decimal places, e.g. 5,250.) Cost of the ending inventory $ Cost of goods sold $ FIFO $ LIFO Average-cost $ $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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answer must be in table format or i will give down vote

Transcribed Image Text:Crane Trading Company uses a periodic inventory system and has a beginning inventory as of April 1 of 270 tents. This consists of 270
tents purchased in February at a cost of $450 each. During April, the company had the following purchases and sales of tents.
Purchases
Sales
Date
Units
Unit Cost
Units
Unit Price
April 3
193
$640
10
320
$490
17
370
640
24
420
510
30
320
640
640
(a1)
Determine cost of goods available for sale and ending inventory in units.
Cost of goods available for sale
Ending inventory in units
eTextbook and Media
Save for Later
$
Attempts: 0 of 2 used Submit Answer
(a2)
Determine the April cost of goods sold and the cost of the April 30 ending inventory using FIFO, LIFO, and average-cost. (Round
average-cost ending inventory to 2 decimal places, e.g. 5.12 and final answers to O decimal places, e.g. 5,250.)
Cost of the ending inventory
$
Cost of goods sold
$
FIFO
$
LIFO
Average-cost
$
$
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