Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $11 $ 2,420 April 15 purchase 450 13 5,850 April 23 purchase 330 14 4,620 1,000 $12,890 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold
Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $11 $ 2,420 April 15 purchase 450 13 5,850 April 23 purchase 330 14 4,620 1,000 $12,890 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available.
Units
|
Unit Cost
|
Total Cost
|
||||||
---|---|---|---|---|---|---|---|---|
April 1 inventory
|
220 | $11 | $ 2,420 | |||||
April 15 purchase
|
450 | 13 | 5,850 | |||||
April 23 purchase
|
330
|
14 |
4,620
|
|||||
1,000
|
$12,890
|
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending inventory
|
||
---|---|---|
Cost of goods sold
|
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