Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made.PurchasesApril 7 62 units at $ 7.0013 124 units at $ 8.0023 94 units at $ 9.0029 52 units at $ 10.00 332 SalesApril 5 124 units at $ 2011 94 units at $ 2020 84 units at $ 2030 42 units at $ 20 344 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)

The question is based on the concept of Cost Accounting.

Answered: Crane Enterprises uses a periodic…

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 Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made.

Purchases
April 7	62	units at $ 7.00
13	124	units at $ 8.00
23	94	units at $ 9.00
29	52	units at $ 10.00
	332

Sales
April 5	124	units at $ 20
11	94	units at $ 20
20	84	units at $ 20
30	42	units at $ 20
	344

Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)

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