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 Moving-Average unit cost for June 1, 12, 15, 23 & 27. [see attached image with previously submitted incorrect expert answer] Inventory data for Crane Company are reported as follows.DateJune 1(a1)12(a2)2330June 1Explanation Units Unit CostInventory$4June 12PurchaseJune 15PurchaseInventoryJune 27Your answer is partially correct.$150Assume 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 $9.$June 23 $450400LA80Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)44.754.7555.2565.25Total Cost$6002.2502,400 (a1)Your answer is correct.Calculate cost of goods available for sale.The cost of goods available for saleeTextbook and Media(a2)Your answer is partially correct.June 1Calculate Moving-Average unit cost for June 1, 12, 15,23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)June 12June 15June 23June 27$$+A$$$4.7552504.75Attempts: 1 of 3 used

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Description: 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

Moving average is one of the methods of inventory valuation. It is the method that determines the…

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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 Moving-Average unit cost for June 1, 12, 15, 23 & 27. [see attached image with previously submitted incorrect expert answer]

Inventory data for Crane Company are reported as follows.
Date
June 1
(a1)
12
(a2)
23
30
June 1
Explanation Units Unit Cost
Inventory
$4
June 12
Purchase
June 15
Purchase
Inventory
June 27
Your answer is partially correct.
$
150
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.
$
June 23 $
450
400
LA
80
Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)
4
4.75
4.75
5
5.25
6
5.25
Total Cost
$600
2.250
2,400

(a1)
Your answer is correct.
Calculate cost of goods available for sale.
The cost of goods available for sale
eTextbook and Media
(a2)
Your answer is partially correct.
June 1
Calculate Moving-Average unit cost for June 1, 12, 15,23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)
June 12
June 15
June 23
June 27
$
$
+A
$
$
$
4.75
5250
4.75
Attempts: 1 of 3 used

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