Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 110 $7.10 Purchase 1, Jan. 18 575 7.20 Sale 1 380 $12.00 Sale 2 225 12.00 Purchase 2, Mar. 10 680 7.50 Sale 3 270 12.00 Sale 4 290 12.50 Purchase 3, Sept. 30 230 7.70 Sale 5 240 12.50 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. Cost of ending inventory ?????????????? Cost of goods sold ???????????? 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of ending inventory ??????????????????? Cost of goods sold ???????????
Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 110 $7.10 Purchase 1, Jan. 18 575 7.20 Sale 1 380 $12.00 Sale 2 225 12.00 Purchase 2, Mar. 10 680 7.50 Sale 3 270 12.00 Sale 4 290 12.50 Purchase 3, Sept. 30 230 7.70 Sale 5 240 12.50 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. Cost of ending inventory ?????????????? Cost of goods sold ???????????? 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of ending inventory ??????????????????? Cost of goods sold ???????????
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year:
Activity | Units | Purchase Price (per unit) |
Sale Price (per unit) |
||
Beginning inventory | 110 | $7.10 | |||
Purchase 1, Jan. 18 | 575 | 7.20 | |||
Sale 1 | 380 | $12.00 | |||
Sale 2 | 225 | 12.00 | |||
Purchase 2, Mar. 10 | 680 | 7.50 | |||
Sale 3 | 270 | 12.00 | |||
Sale 4 | 290 | 12.50 | |||
Purchase 3, Sept. 30 | 230 | 7.70 | |||
Sale 5 | 240 | 12.50 |
3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method.
Cost of ending inventory | ?????????????? |
Cost of goods sold |
???????????? |
4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Cost of ending inventory | ??????????????????? |
Cost of goods sold | ??????????? |
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