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Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 61 units at a cost of Số per unit. During April, the following purchases and sales were made. Purchases April 7 51 units at $7.00 13 102 units at $8.00 23 72 units at $9.00 29 41 units at $10.00 266

Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 61 units at a cost of Số per unit. During April, the following purchases and sales were made. Purchases April 7 51 units at $7.00 13 102 units at $8.00 23 72 units at $9.00 29 41 units at $10.00 266

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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Compute the April 30 ending inventory and April cost of goods sold under ta) average cost, (bi FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, eg 15.25 and final answer to O decimal places, eg 1,525) (a) Average-cost - Ending Inventory Cost of Goods Sold (b) FIFO-Ending Inventory %24 Cost of Goods Sold (c) LIFO- Ending inventory Cost of Goodh Sold
Transcribed Image Text:Compute the April 30 ending inventory and April cost of goods sold under ta) average cost, (bi FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, eg 15.25 and final answer to O decimal places, eg 1,525) (a) Average-cost - Ending Inventory Cost of Goods Sold (b) FIFO-Ending Inventory %24 Cost of Goods Sold (c) LIFO- Ending inventory Cost of Goodh Sold
Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 61 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases April 7 51 units at $7.00 13 102 units at $8.00 23 72 units at $9.00 29 41 units at $10.00 266 Sales April 5 102 units at $20 11 72 units at $20 20 62 units at $20 30 31 units at $20 267
Transcribed Image Text:Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 61 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases April 7 51 units at $7.00 13 102 units at $8.00 23 72 units at $9.00 29 41 units at $10.00 266 Sales April 5 102 units at $20 11 72 units at $20 20 62 units at $20 30 31 units at $20 267
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