Question
In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: 200 units at $13; 250 units at $12;
In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: 200 units at $13; 250 units at $12; and 300 units at $11. There are 420 units on hand at the end of the period. Crane uses a periodic inventory system.
Calculate the cost of the ending inventory and cost of goods sold under FIFO.
Ending inventory:
Cost of goods sold:
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
2nd Canadian edition
133375536, 9780133845396, 133845397, 978-0133375534
