You have the following information for Crane Inc. for the month ended June 30, 2022. Crane...

  

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You have the following information for Crane Inc. for the month ended June 30, 2022. Crane uses a periodic inventory system. Unit Cost or Selling Price Date Description Quantity June 1 Beginning inventory 40 $48 June 4 Purchase 135 51 June 10 Sale 110 78 June 11 Sale return 15 78 June 18 Purchase 55 54 June 18 Purchase return 10 54 June 25 Sale 65 84 June 28 Purchase 35 58 (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ The cost of goods sold Gross profit ta $ $ tA tA $ CA $ LA $ LA LA LA $ +A You have the following information for Crane Inc. for the month ended June 30, 2022. Crane uses a periodic inventory system. Unit Cost or Selling Price Date Description Quantity June 1 Beginning inventory 40 $48 June 4 Purchase 135 51 June 10 Sale 110 78 June 11 Sale return 15 78 June 18 Purchase 55 54 June 18 Purchase return 10 54 June 25 Sale 65 84 June 28 Purchase 35 58 (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ The cost of goods sold Gross profit ta $ $ tA tA $ CA $ LA $ LA LA LA $ +A

Answer rating: 100% (QA)

Periodic Inventory method is followed Computation of units sold Date Particulars Units Beginning 01J... View the full answer