Question

Crane Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $580 each. On January 10, Crane purchased 6 units at $650 each. The company sold 2 units on January 8 and 5 units on January 15.

Your answer is incorrect. Try again. Compute the ending inventory under FIFO. (Round answer to 0 decimal places, e.g. 1,250.) FIFO The ending inventory $

Your answer is incorrect. Try again. Compute the ending inventory under LIFO. (Round answer to 0 decimal places, e.g. 1,250.) LIFO The ending inventory $

Your answer is incorrect. Try again. Compute the ending inventory under moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,250.) MOVING-AVERAGE COST The ending inventory $

Question Attempts: Unlimited

Answer 1

Requirement 1 FIFO Method Perpetual inventory Record Cost of goods sold Quantity unit cost Total cost Date Purchases unit cost Total cost Quantity Jan-01 Inventory Quantity unit cost total cost 3 $ 580.00 $ 1,740.00 Jan-08 2 $ 580.00 $ 1,160.00 1 $ 580.00 $ 580.00 Jan-10 6 $650.00 $ 3,900.00 1 $ 580.00 $ 6 $ 650.00 $ 580.00 3,900.00 Jan-15 2 $ 650.00 $ 1,300.00 1 $ 580.00 4 $ 650.00 $ $ 580.00 2,600.00 Ending Inventory $ 1,300.00 Requirement 2 LIFO Method Perpetual inventory Record Cost of goods sold Quantity unit cost Total cost Date Purchases unit cost Total cost Quantity Jan-01 Inventory Quantity unit cost total cost 3 $ 580.00 $ 1,740.00 Jan-08 2 $ 580.00 $ 1,160.00 1 $ 580.00 $ 580.00 Jan-10 6 $ 650.00 $ 3,900.00 1 $ 580.00 6 $ 650.00 $ $ 580.00 3,900.00 Jan-15 5 $ 650.00 $ 3,250.00 1 $ 580.00 $ 1 $ 650.00 $ 580.00 650.00 Ending Inventory $ 1,230.00 Requirement 3 Moving Average Method ving Average Method Perpetual inventory Record Cost of goods sold Quantity unit cost Total cost Date Purchases unit cost Total cost Quantity Jan-01 Inventory Quantity unit cost total cost 3 $ 580.00 $ 1,740.00 Jan-08 2 $ 580.00 $ 1,160.00 1 $ 580.00 $ 580.00 Jan-10 6 $ 650.00 $ 3,900.00 1 $ 580.00 6 $ 650.00 7 $ 640.00 $ $ 580.00 3,900.00 4,480.00 Jan-15 5 $ 640.00 $ 3,200.00 2 $ 640.00 $ 1,280.00 Ending Inventory $ 1,280.00