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How to calculate these values? Problem 6 0611-02 You are provided with the following information for Crane Inc. Crane Inc. uses the periodic method of
How to calculate these values?
Problem 6 0611-02 You are provided with the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning inventory 2,100 liters at a cost of sot per liter. March 3 Purchased 2.500 liters at a cost of 546 per liter. March 5 Sold 2,300 liters for $1.05 per liter March 10 Purchased 4,000 iters at a cost of 616 per liter. March 20 Purchased 2,300 iters at a cost of 690 per liter. March 30 Sold 5,100 liters for $1.25 per liter Your answer is incorrect. Try again. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: 0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase, and m The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10; 1.200 liters from March 20. (2) FIFO (3) UFO Ending inventory Specific identification LIFO Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming (0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO CRANE INC. Income Statement (partial) For the Year Ended December 31, 2020 Sales revenue Beginning inventory Bowl Cost of goods available for sa Ending inventory Cost of goods sold Gross profit/(Loss)Step by Step Solution
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