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Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods
Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 137 January 8 Sale 112 January 10 Sale return 10 January 15 Purchase 55 January 16 Purchase return 5 January 20 Sale 85 January 25 Purchase 17 (a1) Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit January 1 $ January 5 $ January 8 $ January 10 $ January 15 $ January 16 $ January 20 $ January 25 (a2) eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) LIFO Cost of goods sold $ $ Ending inventory $ $ Gross profit $ $ eTextbook and Media Save for Later FIFO Moving-average $ $ Attempts: 0 of 5 used Submit Answer
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