The management of Crane Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost using a periodic inventory system. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Beginning (7,000 units) Ending (17,000 units) Quarter Purchases were made quarterly as follows. 1 2 Inventories 3 4 Units 50,000 40,000 40,000 60,000 $21,000 190,000 Unit Cost Total Cost $3.20 $160,000 3.35 3.50 Sales revenue (180,000 units) Total cost of goods purchased (190,000 units) 3.70 134,000 140,000 222,000 Purchases and Sales $656,000 $927,000 656,000

The management of Crane Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost using a periodic inventory system. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Purchases were made quarterty as follows