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Problem 6-9A Crane Company has provided you with the following information regarding its inventory of copper for September and October. Crane uses a perpetual inventory
Problem 6-9A Crane Company has provided you with the following information regarding its inventory of copper for September and October. Crane uses a perpetual inventory system. October 31 2,000 $595 $515 September Copper inventory (in tonnes) Cost per tonne NRV per tonne 30 2,500 $525 $560 Calculate the cost, the net realizable value, and the amount to he reported on the balance sheet for Crane's inventory at (1) September 30 and (2) October 31 Tonnes Total Cost Total NRV LCNR (1) Sept. 30 2,500 (2) Oct. 31 2,000 Prepare any journal entries required to record the LCNRV of the copper inventory at (1) September 30 and (2) October 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Sept. 30 (2) Oct. 31
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