Crane uses the periodic inventory system. For the current month, the beginning inventory consisted of 7000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Crane uses the periodic inventory system. For the current month, the beginning inventory consisted of 7000 units that cost $9 each. During the month, the company made two purchases: 2800 units at $10 each and 11800 units at $10.50 each. Crane also sold 12700 units during the month. What is the ending inventory if the LIFO method is used? Crane uses the periodic inventory system. For the current month, the beginning inventory consisted of 7000 units that cost $9 each. During the month, the company made two purchases: 2800 units at $10 each and 11800 units at $10.50 each. Crane also sold 12700 units during the month. What is the ending inventory if the LIFO method is used?
Expert Answer:
Answer rating: 100% (QA)
To calculate the ending inventory using the LIFO Last In First Out method we assume that th... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Forecasted Statements and Ratios Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to...
-
Imagine there are two countries each comprised of three people. In country A, the daily expenditure (consumption) in USD of its three citizens is: $1, $3, and $4.5. In country B the daily expenditure...
-
Prepare budgetary and proprietary journal entries to record the following year- end adjustments: 1. An accrual of $ 60,000 was made for salaries earned the last week of September, to be paid in...
-
The circular flow of goods and inputs illustrated in Figure 2-1 has a corresponding flow of dollar incomes and spending. Draw a circular-flow diagram for the dollar flows in the economy, and compare...
-
You have been employed by a biochemist, Fungus P. Gildersleeve, who has given you a very expensive sample of benzoic acid labeled equally in both oxygens with 18O. He asks you to prepare methyl...
-
Distinguish between the function of expenditure and nature of expenditure methods of classifying expenses in the statement of profit or loss and other comprehensive income.
-
Per GASB standards if a government gives a cash advance to a grantee and the grantee has not yet satised all eligibility requirements, the government would offset its credit to cash with a debit to...
-
Tesla Inc. conducts cost-volume-profit analysis for a new model of electric vehicle. In March 2037, the company estimates the following costs: Fixed Costs: $80,000,000 Variable Cost per Vehicle:...
-
When Patey Pontoons issued 8% bonds on January 1, 2021, with a face amount of $700,000, the market yield for bonds of similar risk and maturity was 9%. The bonds mature December 31, 2024 (4 years)....
-
Liberty's return on common stockholders' equity can be described as a. Weak b. Normal c. Average d. Strong
-
Which measure expresses Liberty's times-interest-earned ratio? a. 15 times b. 27 times c. 20 times d. \(51.8 \%\)
-
During 2005 , Liberty's days' sales in receivables ratio was a. 39 day's b. 37 day's c. 35 day's d. 30 days
-
Liberty's inventory turnover during 2007 was a. 6 times b. 7 times c. 8 times d. Not determinable from the data given
-
Liberty's stock has traded recently around \(\$ 44\) per share. Use your answer to question 9 to measure the company's price/earnings ratio. a. 36 b. 44 c. 1.00 d. 69
-
AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component per Month...
-
QUESTION 9 HC-O-C-R R-C-O-CH HC-O-P-O-CH-CH-NH3* O || O a. Phosphatidic acid, Serine O b. Lysophosphatidic acid, Serine, Free FA O c. Lysophosphatidylserine, Free FA O d. 2 Free FAs, Serine, Glycerol...
-
Discuss the ratios computed for Lomax Company in problems 13, 14, 15, and 16. What is your assessment of the performance and future potential of Lomax Company? Problems 13 The following reserve table...
-
Use responsibility accounting to define an organizational subunit as a cost centre, expense centre, revenue centre, profit centre, or investment centre.
-
Compare financial and non-financial performance, and explain why management control systems should consider both.
Study smarter with the SolutionInn App