Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Unique's CDs with

image

Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Crane made the following purchases of Unique's CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,900 units were sold. Crane uses a periodic inventory system. (a) (b1) (b2) Your Answer Correct Answer Your answer is partially correct. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold $ $ SA FIFO 69 $ LIFO $ AVERAGE-COST SA $ 79,570

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Crane Distribution Inventory Analysis We can calculate the ending inventory and cost of goods sold C... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

More Books

Students also viewed these Accounting questions

Question

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago