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Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Units Unit Cost 33 28 39 100 $10 13 14 Total Cost $330 364 546 $1,240 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Units Unit Cost 33 28 39 100 $10 13 14 Total Cost $330 364 546 $1,240 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Units Cost of goods sold 33 28 39 100 $ Unit Cost $ $10 13 14 Total Cost Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO $330 364 546 $1,240 $ $ LIFO S $ Average-cost
Transcribed Image Text:Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Units Cost of goods sold 33 28 39 100 $ Unit Cost $ $10 13 14 Total Cost Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO $330 364 546 $1,240 $ $ LIFO S $ Average-cost
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