FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units Unit Cost Total Cost $8 $256 225 32 25 43 100 ✓ Your answer is correct. Weighted-average unit cost eTextbook and Media x Your answer is incorrect 9 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) 10 Ending inventory at May 01 430 $911 Firo Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. Round anwers to decimal places, eg 1253 911 230 LIFO 164 AVERAGE COST
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Transcribed Image Text:Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units Unit Cost Total Cost $8 $256 225 32 25 43 100 ✓ Your answer is correct. Weighted-average unit cost eTextbook and Media x Your answer is incorrect 9 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) 10 Ending inventory at May 01 430 $911 Firo Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. Round anwers to decimal places, eg 1253 911 230 LIFO 164 AVERAGE COST
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