Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows.DateJanuary 271013182023262831ReceivedNo. of Units1,3007001,1001,4001,700Unit Cost$3.033.233.333.433.54Issued,No. of Units8006004001,1009001,400Balance,No. of Units1,3005001,2006001,3002001,6007002,4001,000 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amountsshown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Roundaverage cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.)Would amount be sameEnding Inventory$LA(1)FIFOYes3540ta$(2)LIFONo$LA(3)Average-costNo

Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,300 700 1,100 1,400 1,700 Unit Cost $3.03 3.23 3.33 3.43 3.54 Issued, No. of Units 800 600 400 1,100 900 1,400 Balance, No. of Units 1,300 500 1,200 600 1,300 200 1,600 700 2,400 1,000

Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,300 700 1,100 1,400 1,700 Unit Cost $3.03 3.23 3.33 3.43 3.54 Issued, No. of Units 800 600 400 1,100 900 1,400 Balance, No. of Units 1,300 500 1,200 600 1,300 200 1,600 700 2,400 1,000

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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