Question
Crane Company reports the following for the month of June. Date explanation units unit cost total cost June 1 Inventory 150 $4 $600 12 Purchase
Crane Company reports the following for the month of June.
Date explanation units unit cost total cost
June 1 Inventory 150 $4 $600
12 Purchase 450 5 2,250
23 Purchase 400 6 2,400
30 Inventory 80
Assume a sale of500units occurred on June 15 for a selling price of $7and a sale of420units on June 27 for $8.
A. Calculate cost of goods available for sale.
The cost of goods available for sale $?
B. Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27.(Round answers to 3 decimal places, e.g. 2.525.)
June 1
$4
June 12
$4.75
June 15
$4.75
June 23
$?
June 27
$?
C.Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.(Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)
FIFO LIFO moving-average cost
The cost ending inventory ? ? ?
The cost of goods sold 4770 4930 ?
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Financial Accounting An Integrated Statements Approach
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
2nd Edition
324312113, 978-0324312119
