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Assume that Crane Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,200 @ $4.00 1,200 units
Assume that Crane Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,200 @ $4.00 1,200 units Feb. 10 5,600 @ $4.40 6,800 units Feb. 21 5,000 units 1,800 units Feb. 28 1,500 @ $4.75 3,300 units Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to O decimal places, e.g. 1,245.) FIFO Cost of goods sold $ Ending inventory $ Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to O decimal places, e.g. 1,245.) LIFO Cost of goods sold $ Ending inventory $
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