Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 137 15 January 8 Sale 112 23 January 10 Sale return 10 23 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 85 27 January 25 Purchase 17 19 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount Ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount Gross profit $enter a dollar amount $enter a dollar amount $enter a dollar amount

Name: Crane Inc. is a retailer operating in British Columbia. Crane uses the
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Description: Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transac

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Crane Inc. is a retailer operating in British Columbia. Crane uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Crane Inc. for the month of January 2022.

Date		Description		Quantity		Unit Cost or Selling Price
January	1		Beginning inventory		100		$12
January	5		Purchase		137		15
January	8		Sale		112		23
January	10		Sale return		10		23
January	15		Purchase		55		17
January	16		Purchase return		5		17
January	20		Sale		85		27
January	25		Purchase		17		19

Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.)

For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)

	LIFO	FIFO	Moving-average
Cost of goods sold	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Ending inventory	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Gross profit	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

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