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Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Received Issued, No.
Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Received Issued, No. of Units Date No. of Units Unit Cost Balance, No. of Units 1,300 500 1,300 $3.03 January 2 7 10 800 700 3.23 1,200 600 13 600 1,100 3.33 400 18 20 1,300 200 1,100 23 1,400 3.43 1,600 700 26 900 28 1,700 3.54 2.400 31 1,400 1,000 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ e Textbook and Media From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO).(3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory $ $ $ If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same Ending Inventory $ $ $
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