Inventory data for crane company are reported as follows.DateexplanationUnitsUnit CostTotal CostJune 1inventory150$4$60012purchase4505225023purchase4006240030inventory80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $9. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (a2)Your Answer Correct AnswerYour answer is correct.Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)June 1June 12June 15June 23June 27Solution(a3)$$to$+0$+0eTextbook and Media$Your answer is incorrect.The cost ending inventoryThe cost of goods sold$4$4.754.755.75Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.)5.75FIFO$$LIFO$64$LAAssistance UsedAttempts: 3 of 3 usedMoving-Average Cost

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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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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Inventory data for crane company are reported as follows.

Date	explanation	Units	Unit Cost	Total Cost
June 1	inventory	150	$4	$600
12	purchase	450	5	2250
23	purchase	400	6	2400
30	inventory	80

Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $9. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.

(a2)
Your Answer Correct Answer
Your answer is correct.
Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)
June 1
June 12
June 15
June 23
June 27
Solution
(a3)
$
$
to
$
+0
$
+0
eTextbook and Media
$
Your answer is incorrect.
The cost ending inventory
The cost of goods sold
$
4
$
4.75
4.75
5.75
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.)
5.75
FIFO
$
$
LIFO
$
64
$
LA
Assistance Used
Attempts: 3 of 3 used
Moving-Average Cost

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