Please help me Additional Problem 6The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017:Cost/EventQuantity PriceJan 1 opening inventory 20,000 $45.00Jan 5 sale6,000 76.00Feb 15 purchase35,000 40.50Mar 10 purchase10,000 49.25FTIMay 20 sale42,000 76.00Aug 22 purchase14,000 45.25Sep 12 sale20,000 76.00Nov 24 purchase10,000 49.50Dec 5 sale16,000 76.00DateCalculate the ending inventory balance for Crane Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold.(Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.)Ending inventoryUnit cost of the last item sold$Selling$

Name: Please help me Additional Problem 6The following inventory transaction
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Description: Please help me Additional Problem 6The following inventory transactions took place for Crane Ltd. for the year ended December 31, 2017:Cost/EventQuantity PriceJan 1 opening inventory 20,000 $45.00Jan 5 sale6,000 76.00Feb 15 purchase35,000 40.50Mar 10

The FIFO method (First-In, First-Out) is an inventory accounting and valuation approach that assumes…

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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