Question: You have the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Units

You have the following information for Crane Company for the month ended

October 31, 2022. Crane uses a periodic method for inventory. Date Units

Unit Cost or Selling Price Description Oct. 1 Beginning Inventory 50 Oct.  

 

You have the following information for Crane Company for the month ended October 31, 2022. Crane uses a periodic method for inventory. Date Units Unit Cost or Selling Price Description Oct. 1 Beginning Inventory 50 Oct. 9 Purchase 110 Oct. 11 Sale 90 Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale 90 50 88888 100 24 35 26 * $22 Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted-average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) The ending inventory The cost of goods sold $ Gross profit LIFO FIFO AVERAGE-COST Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO Gross profit rate eTextbook and Media List of Accounts FIFO AVERAGE-COST

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

WeightedAverage Cost Calculation First lets calculate the weightedaverage cost per unit for the month Beginning Inventory Units 50 Unit Cost 22 Total Cost 50 22 1 100 50 times 22 1100 50221100 Purchas... View full answer

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!