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The following is a record of Crane Company's transactions for Colt Products for the month of May 2017. 12 28 May 1 Balance Purchase
The following is a record of Crane Company's transactions for Colt Products for the month of May 2017. 12 28 May 1 Balance Purchase Purchase 606 units @ $11 May 10 909 units @ $13 Sale 455 units $20 20 Sale 818 units $20 606 units @ $16 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 848 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? Ending Inventory (1) FIFO (2) LIFO
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