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the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 50 110 90 90 50 60 100 Unit Cost or Selling Price $22 24 35 26 40 28 40

the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 50 110 90 90 50 60 100 Unit Cost or Selling Price $22 24 35 26 40 28 40

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...
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Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) The ending inventory The cost of goods sold Gross profit $ $ Gross profit rate $ Show Transcribed Text LIFO LIFO 3 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) SA A $ Ć FIFO FIFO $ S $ AVERAGE-COST AVERAGE-COST %
Transcribed Image Text:Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) The ending inventory The cost of goods sold Gross profit $ $ Gross profit rate $ Show Transcribed Text LIFO LIFO 3 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) SA A $ Ć FIFO FIFO $ S $ AVERAGE-COST AVERAGE-COST %
You have the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Description Beginning inventory Purchase Sale Purchase Sale Oct. 25 Oct. 29 Sale Purchase Show Transcribed Text Units 50 110 90 90 50 60 100 Unit Cost or Selling Price $22 Weighted-average cost per unit $ 24 35 26 40 28 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Transcribed Image Text:You have the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Description Beginning inventory Purchase Sale Purchase Sale Oct. 25 Oct. 29 Sale Purchase Show Transcribed Text Units 50 110 90 90 50 60 100 Unit Cost or Selling Price $22 Weighted-average cost per unit $ 24 35 26 40 28 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
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