Crane Company sells one product. Presented below is information for January for Crane Company. Nov. 1 Inventory 300 units at $12 each 5 Purchase 190 units at $13 each 10 Sale 430 units at $20 each 15 Purchase 430 units at $12.50 each 21 Sale 440 units at $21 each 30 Purchase 350 units at $12.80 each Crane uses the FIFO cost flow assumption. All purchases and sales are on account.
Crane Company sells one product. Presented below is information for January for Crane Company. Nov. 1 Inventory 300 units at $12 each 5 Purchase 190 units at $13 each 10 Sale 430 units at $20 each 15 Purchase 430 units at $12.50 each 21 Sale 440 units at $21 each 30 Purchase 350 units at $12.80 each Crane uses the FIFO cost flow assumption. All purchases and sales are on account.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
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Crane Company sells one product. Presented below is information for January for Crane Company.
| Nov. 1 | Inventory | 300 | units at $12 each | ||
| 5 | Purchase | 190 | units at $13 each | ||
| 10 | Sale | 430 | units at $20 each | ||
| 15 | Purchase | 430 | units at $12.50 each | ||
| 21 | Sale | 440 | units at $21 each | ||
| 30 | Purchase | 350 | units at $12.80 each |
Crane uses the FIFO cost flow assumption. All purchases and sales are on account.
Transcribed Image Text:Assume Crane uses a periodic system.
Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count
indicates that the ending inventory for November is 400 units. (If no entry is required, select "No entry" for the account titles and enter
O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Accounts Receivable
Nov. 1
3600
Sales Revenue
3
Nov. 5
Purchases
2470
Accounts Payable
2
Nov. 10
Accounts Receivable
8600
Sales Revenue
Nov. 15
Purchases
5375
Accounts Payable
Nov. 21
Accounts Receivable
9240
Sales Revenue
6.
Nov. 30
Inventory
4480
Cost of Goods Sold
Inventory
>
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