Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $ 21 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 110 December 31, 2020, by purchase date December 2, 2020 110 July 20, 2020 50 160 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 310 units at $2 April 10 210 July 20 310 units at 26 August 20 310 September 4 210 units at 29 November 18 160 December 2 110 units at 32 December 12 210 The company uses the periodic inventory method.

Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $ 21 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 110 December 31, 2020, by purchase date December 2, 2020 110 July 20, 2020 50 160 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 310 units at $2 April 10 210 July 20 310 units at 26 August 20 310 September 4 210 units at 29 November 18 160 December 2 110 units at 32 December 12 210 The company uses the periodic inventory method.

Name: Crane Corporation began operations on December 1, 2019. The only inve
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Description: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory onDecember 10, 2019, at a cost of $ 21 per unit. None of this inventory was sold in 2019. Relevant information is as follows

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 6P: Kraft Manufacturing Company manufactures two products: Mult and Tran. At December 31, 2019, Kraft...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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