nventory 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
100%

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
Transcribed Image Text: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
Transcribed Image Text:(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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education