Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost Current Attempt in ProgressCrane Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory onDecember 10, 2024, at a cost of $21 per unit. None of this inventory was sold in 2024. Relevant information is as follows.Ending inventory unitsDecember 31, 2024December 31, 2025, by purchase dateDecember 2, 2025July 20, 202511011050160During the year, the following purchases and sales were made.PurchasesSalesMarch 15310 units at$25April 10210July 20310 units at26August 20310September 4210 unitsat 29November 18160December 2110 unitsat32December 12210The company uses the periodic inventory method.

The company keeps inventory in the business for sale. Some inventory does not sell at the end of the…

Answered: Determine ending inventory under (1)…

Business

Accounting

Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO,

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost

Current Attempt in Progress
Crane Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory on
December 10, 2024, at a cost of $21 per unit. None of this inventory was sold in 2024. Relevant information is as follows.
Ending inventory units
December 31, 2024
December 31, 2025, by purchase date
December 2, 2025
July 20, 2025
110
110
50
160
During the year, the following purchases and sales were made.
Purchases
Sales
March 15
310 units at
$25
April 10
210
July 20
310 units at
26
August 20
310
September 4
210 units
at 29
November 18
160
December 2
110 units
at
32
December 12
210
The company uses the periodic inventory method.

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