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Please answer both, these are practice problems. Use the following information Vegarding Crane Company and Sheridan Company to answer the question Which of the following
Please answer both, these are practice problems.
Use the following information Vegarding Crane Company and Sheridan Company to answer the question "Which of the following is Crane Company's cost of goods sold for 2021 (to the dosest dollar) Crane Company Year Inventory Turnover Ending Inventory 2020 $26410 2021 9.1 $29770 2022 7.8 $30460 Sheridan Company 2020 2021 $25850 $24780 523400 2022 7.9 $270907 $255619 @ 5271521 $237538 Pharoah Company has the following Inventory data: July 1 Beginning inventory 150 units at $19 $2850 7 Purchases 525 units at $20 10500 22 Purchases 75 units at $22 1650 $15000 A physical count of merchandise Inventory on July 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $5150. $14976 $9850 $4850 Step by Step Solution
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