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Assume that Crane Company has the following transactions in its first month of operations. Date   Purchases   Sold   Balance Feb. 1   1,200 @ $4.00         1,200 units Feb. 10   5,600 @ $4.40         6,800 units Feb. 21       5,000 units   1,800 units Feb. 28   1,500 @ $4.75         3,300 units     Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)     FIFO Cost of goods sold   $enter a dollar amount  Ending inventory   $enter a dollar amount      Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)     LIFO Cost of goods sold   $enter a dollar amount  Ending inventory   $enter a dollar amount

Assume that Crane Company has the following transactions in its first month of operations. Date   Purchases   Sold   Balance Feb. 1   1,200 @ $4.00         1,200 units Feb. 10   5,600 @ $4.40         6,800 units Feb. 21       5,000 units   1,800 units Feb. 28   1,500 @ $4.75         3,300 units     Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)     FIFO Cost of goods sold   $enter a dollar amount  Ending inventory   $enter a dollar amount      Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)     LIFO Cost of goods sold   $enter a dollar amount  Ending inventory   $enter a dollar amount

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.12AMCP
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Assume that Crane Company has the following transactions in its first month of operations.

Date
  
Purchases
  
Sold
  
Balance
Feb.
1
   1,200 @ $4.00         1,200 units
Feb.
10
   5,600 @ $4.40         6,800 units
Feb.
21
       5,000 units   1,800 units
Feb.
28
   1,500 @ $4.75         3,300 units
 
 
Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)

   
FIFO
Cost of goods sold
   $enter a dollar amount 
Ending inventory
   $enter a dollar amount 
 

 

Compute cost of goods sold and ending inventory at February 28, assuming Crane uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)

   
LIFO
Cost of goods sold
   $enter a dollar amount 
Ending inventory
   $enter a dollar amount 
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