Crane Company sells one product. Presented below is information for January for Crane Company.Nov. 1 Inventory 300units at $12 each5 Purchase 190units at $13 each10 Sale 430units at $20 each15 Purchase 430units at $12.50 each21 Sale 440units at $21 each30 Purchase 350units at $12.80 eachCrane uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Crane uses a periodic system.Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical countindicates that the ending inventory for November is 400 units. (If no entry is required, select "No entry" for the account titles and enterO for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditAccounts ReceivableNov. 13600Sales Revenue3Nov. 5Purchases2470Accounts Payable2Nov. 10Accounts Receivable8600Sales RevenueNov. 15Purchases5375Accounts PayableNov. 21Accounts Receivable9240Sales Revenue6.Nov. 30Inventory4480Cost of Goods SoldInventory>

Name: Crane Company sells one product. Presented below is information for Ja
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Description: Crane Company sells one product. Presented below is information for January for Crane Company.Nov. 1 Inventory 300units at $12 each5 Purchase 190units at $13 each10 Sale 430units at $20 each15 Purchase 430units at $12.50 each21 Sale 440units at $21 e

Using periodic system, the cost of goods sold is not recorded regularly. It is estimated and…

Answered: Crane Company sells one product.…

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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Crane Company sells one product. Presented below is information for January for Crane Company.

Nov. 1	Inventory	300	units at $12 each
5	Purchase	190	units at $13 each
10	Sale	430	units at $20 each
15	Purchase	430	units at $12.50 each
21	Sale	440	units at $21 each
30	Purchase	350	units at $12.80 each

Crane uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Crane uses a periodic system.
Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count
indicates that the ending inventory for November is 400 units. (If no entry is required, select "No entry" for the account titles and enter
O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Accounts Receivable
Nov. 1
3600
Sales Revenue
3
Nov. 5
Purchases
2470
Accounts Payable
2
Nov. 10
Accounts Receivable
8600
Sales Revenue
Nov. 15
Purchases
5375
Accounts Payable
Nov. 21
Accounts Receivable
9240
Sales Revenue
6.
Nov. 30
Inventory
4480
Cost of Goods Sold
Inventory
>

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