Crane Company reports the following for the month of June. Units June 1 Inventory 400 Purchase 550 Purchase 850 30 Inventory 260 (a) 12 23 Ending inventory $ Unit Cost $5.00 6.00 Cost of goods sold $ Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. 7.00 FIFO Total Cost $2,000 3,300 5,950 10 VA LIFO

Crane Company reports the following for the month of June. Units June 1 Inventory 400 Purchase 550 Purchase 850 30 Inventory 260 (a) 12 23 Ending inventory $ Unit Cost $5.00 6.00 Cost of goods sold $ Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. 7.00 FIFO Total Cost $2,000 3,300 5,950 10 VA LIFO

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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