C. Assume Crane uses a perpetual system. Prepare all necessary journal entries.

Exercise 8-9 (Part Level Submission) Crane Company sells one product. Presented below is information for January for Crane Company. Inventory 108 units at $5 each 87 units at $8 each 150 units at $7 cach 123 units at $9 each 168 units at $7 cach 106 units at $11 each Jan. 1 4 Sale 11 13 Sale 20 27 Salc Purchase Purchase Crane uses the FIFO cost flow assumption. All purchases and sales are on account