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Crane Company uses a perpetual inventory systeh. The company began 2 0 2 4 with 9 0 0 lamps in inventory at a cost of
Crane Company uses a perpetual inventory systeh. The company began with lamps in inventory at a cost of $ per unit. During Crane had the following purchases and sales of lamps:
tableFebruary Purchased, units @ $ per unitApril Sold, units @ $ per unitJune Purchased, units @ $ per unitOctober Sold, units @ $ per unitDecember Purchased, units @ $ per unit
All purchases and sales are on account.
a
Calculate the cost of goods sold and ending inventory using weighted average. Round the weighted average cost per unit to decimal places, eg and final answers to decimal places, eg
Weighted Average
Cost of goods sold
$
Ending inventory
$
Please also complete part B and C which i couldn't fit in one picture.
b prepare journal entries to record the june purchase and october sale. round the average cost to three decimal places
Date Account title and explanation, Debit, Credit
June to record purchase on account
Oct to record sales on account
Oct to record cost of good sold
C calculate the gross profit. round to decimal places
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