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Crane Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cranes purchases and sales

Crane Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cranes purchases and sales of the ultra-lightweight snowboard in October:

Date Transaction Units Unit Purchase Price Unit Sales Price
Oct. 1 Beginning inventory 25 $ 298
10 Purchase 30 304
12 Sale (42) $ 459
13 Purchase 35 312
25 Sale (45) 469
27 Purchase 20 320

Record the purchase on October 10 and sale on October 12 for Crane Company in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

PerpetualFIFO

Oct. 10

(To record purchase on account.)

Oct. 12

(To record cash sales.)

Oct. 12

(To record cost of goods sold.)
PerpetualWeighted Average

Oct. 10

(To record purchase on account.)

Oct. 12

(To record cash sales.)

Oct. 12

(To record cost of goods sold.)

Record the purchase on October 13 and sale on October 25 for Crane Company in a periodic inventory system under (1) FIFO and (2) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

PeriodicFIFO

Oct. 13

(To record purchase on account.)

Oct. 25

(To record cash sales.)
PeriodicWeighted Average

Oct. 13

(To record purchase on account.)

Oct. 25

(To record cash sales.)

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