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Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given
Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020.
Quantities | ||||||||||||||
Date | Purchased | Sold | Balance | Unit Price of Purchase | ||||||||||
January 11 | - | - | 430 | $4.60 | ||||||||||
January 24 | 1,300 | - | 1,730 | $4.80 | ||||||||||
February 8 | - | 330 | 1,400 | - | ||||||||||
March 16 | - | 605 | 795 | - | ||||||||||
June 11 | 630 | - | 1,425 | $5.30 |
(a)
Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
Ending inventory | $ |
Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method.
Cost of Goods Sold $
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