Crane Company uses a periodic inventory system Its records show the following for the month of April,
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24 Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24 Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24 Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24 Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24 Unit Total Units Cost Cost April 1 Inventory 31 $9 $279 12 Purchases 48 12 576 16 Purchases 15 10 150 Total 94 1,005 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) FIFO Weighted average Ending Inventory 2$ 2$ Cost of Goods Sold %24 %24
Expert Answer:
Answer rating: 100% (QA)
salution Ques I FI FO method peu FIFO method also sold first goods ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
A company uses a periodic inventory system on august 1, the company had 6 items of beginning inventory with a cost of $7 per unit on August 3, the company purchased 16 units at $14 per unit then, on...
-
The Cobler Company uses a periodic inventory system and presents the following partial list of account balances taken from its December 31, 2007 adjusted trial balance: Operating expenses...
-
Crane Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Crane purchased $60,000 of inventory, terms 2/10, n/30, FOB shipping...
-
A) Draw the output waveforms and then find the repeated sequence of the following ripple counter [6 mark CLK 1 1 K A A' B J 11 1 B K J K C
-
Assume the following: Pet Transport (PT) does not make any sales on credit. PT sells only to the public, and accepts cash and credit cards. Of its sales, 90% are to customers using credit cards, for...
-
Consider the reaction 2NO2(g) N2O4(g) For each of the following mixtures of reactants and products at 25oC, predict the direction in which the reaction will shift to reach equilibrium. Use...
-
It is said that "the higher the MARR, the higher the price that a company should be willing to pay for equipment that reduces annual operating expenses." Explain the reasoning behind this statement.
-
A 2.00-kg stone is sliding to the right on a frictionless horizontal surface at 5.00 m/s when it is suddenly struck by an object that exerts a large horizontal force on it for a short period of time....
-
Identify Central Issues: How does comparative advantage explain why countries trade?
-
Darlene Inc. purchased 20,000 common shares (20%) of Carlyle Ltd. on January 1, Year 4, for $260,000. It did not have significant influence over Carlyle. It elected to classify the investment as fair...
-
Revonce Company sells merchandise on a consignment basis to dealers .The selling price of the merchandise averages 25% above cost. The dealer is paid a 10% commission of the sales price for all sales...
-
Briefly describe the format of the income statement.
-
Outline the benefits of good record management.
-
Explain why selling a solution, as opposed to selling a product, adds value for both the seller and the buyer.
-
Briefly describe the evolution of the personal selling model over the last 50 years.
-
Describe the role of proof devices in enhancing the presentation.
-
using bridges B1 and B2. Consider the figure below that shows an extended LAN connected A port 1 B B1 C 3 bridge 4 B2 w N D FL E Initially, the hash table in B1 is empty; the hash table in B2 has two...
-
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
-
The Efland Company leases equipment to Orange Company. Efland pays $3,000 initial direct costs in negotiating the lease. Required 1. Explain what initial direct costs are. 2. Indicate precisely how...
-
The following are the December 31, 2006 post-closing trial balance and the December 31, 2007 adjusted trial balance of the Adair Company: A review of the accounting records reveals the following...
-
What are the primary issues in accounting for current liabilities?
-
What would be the length of a half-wave antenna for a radio station that emits its signal at \(90.5 \mathrm{MHz}\) ?
-
A sinusoidal electromagnetic wave has a maximum electric field magnitude of \(E_{\max }=500 \mathrm{~N} / \mathrm{C}\). What is the root-mean-square value of the electric field?
-
Full-body scanners at airports are sometimes referred to as millimeter-wave scanners and sometimes as terahertz scanners. Does this make sense?
Study smarter with the SolutionInn App