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The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017: Cost/ Selling Quantity Price Date Jan 1 Jan 5 Feb 15 Mar 10 Event opening inventory 20,000 $45.00 sale 6,000 76.00 35,000 40.50 10,000 49.25 42,000 76.00 purchase purchase May 20 Aug 22 Sep 12 sale Nov 24 purchase Dec 5 sale sale purchase 14,000 45.25 20,000 76.00 10,000 49.50 16,000 76.00 Calculate the ending inventory balance for Crane Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last iter (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $

The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017: Cost/ Selling Quantity Price Date Jan 1 Jan 5 Feb 15 Mar 10 Event opening inventory 20,000 $45.00 sale 6,000 76.00 35,000 40.50 10,000 49.25 42,000 76.00 purchase purchase May 20 Aug 22 Sep 12 sale Nov 24 purchase Dec 5 sale sale purchase 14,000 45.25 20,000 76.00 10,000 49.50 16,000 76.00 Calculate the ending inventory balance for Crane Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last iter (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $

FINANCIAL ACCOUNTING
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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Additional Problem 6 The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017: Cost/ Event Quantity Price Jan 1 opening inventory 20,000 $45.00 Jan 5 sale 6,000 76.00 Feb 15 purchase 35,000 40.50 Mar 10 purchase 10,000 49.25 FTI May 20 sale 42,000 76.00 Aug 22 purchase 14,000 45.25 Sep 12 sale 20,000 76.00 Nov 24 purchase 10,000 49.50 Dec 5 sale 16,000 76.00 Date Calculate the ending inventory balance for Crane Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $ Selling $
Transcribed Image Text:Additional Problem 6 The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017: Cost/ Event Quantity Price Jan 1 opening inventory 20,000 $45.00 Jan 5 sale 6,000 76.00 Feb 15 purchase 35,000 40.50 Mar 10 purchase 10,000 49.25 FTI May 20 sale 42,000 76.00 Aug 22 purchase 14,000 45.25 Sep 12 sale 20,000 76.00 Nov 24 purchase 10,000 49.50 Dec 5 sale 16,000 76.00 Date Calculate the ending inventory balance for Crane Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $ Selling $
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