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The following inventory transactions took place for Date May 1 May 5 May 10 May 15 May 20 May 22 . May 24 May 25 beginning inventory purchase purchase sale sale Event purchase purchase sale Quantity 2,070 5,220 4,040 5,750 2,030 3,940 2,030 6,005 Cost/ Selling Price $3.10 3.30 3.40 6.00 6.00 3.60 3.60 6.00 Calculate the ending inventory balance for Crane Corporation, assuming the company uses a periodic inventory system and the corts to 2 decimal places x 52 75 and final answer to 9 decimal places, es. 5.27

The following inventory transactions took place for Date May 1 May 5 May 10 May 15 May 20 May 22 . May 24 May 25 beginning inventory purchase purchase sale sale Event purchase purchase sale Quantity 2,070 5,220 4,040 5,750 2,030 3,940 2,030 6,005 Cost/ Selling Price $3.10 3.30 3.40 6.00 6.00 3.60 3.60 6.00 Calculate the ending inventory balance for Crane Corporation, assuming the company uses a periodic inventory system and the corts to 2 decimal places x 52 75 and final answer to 9 decimal places, es. 5.27

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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The following inventory transactions took place for Crane Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Quantity 2,070 5,220 4,040 5,750 2,030 3,940 2,030 6,005 Cost/ Selling Price $3.10 3.30 3.40 6.00 6.00 3.60 3.60 6.00 Calculate the ending inventory balance for Crane Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, eg 52.75 and final answer to 0 decimal places, eg. 5,275)
Transcribed Image Text:The following inventory transactions took place for Crane Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Quantity 2,070 5,220 4,040 5,750 2,030 3,940 2,030 6,005 Cost/ Selling Price $3.10 3.30 3.40 6.00 6.00 3.60 3.60 6.00 Calculate the ending inventory balance for Crane Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, eg 52.75 and final answer to 0 decimal places, eg. 5,275)
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