Question: Problem 6-09A a1-a2, b (Part Level Submission) Crane Co. began operations on July 1. It uses a perpetual Inventory system. During July, the company had

 Problem 6-09A a1-a2, b (Part Level Submission) Crane Co. began operations
on July 1. It uses a perpetual Inventory system. During July, the
company had the following purchases and sales. Purchases Date Units Unit Cost

Problem 6-09A a1-a2, b (Part Level Submission) Crane Co. began operations on July 1. It uses a perpetual Inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 $140 July 6 July 11 7 $150 July 14 July 21 $161 July 27 4 3 6 8 5 (ai) Your answer is correct Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for each unit July 1 140 July 6 140 Average cost for each unit July 1 140 July 6 140 July 11 148.75 tA July 14 148.75 $ July 21 158.55 July 27 158.55 Click if you would like to Show Work for th SHOW SOLUTION SHOW ANSWER (a2) Determine the ending inventory under a perpetual Inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!