Crane Company uses a periodic inventory system and its accounting records include the following inventory...
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Accounting
Crane Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July:
Units
Unit Cost
Total Cost
July 1
Inventory on hand
150
$6.00
$900.00
12
Purchase
230
7.00
1,610.00
20
Sale
(250)
0
28
Purchase
490
9.00
4,410.00
A physical inventory count determined that 620 units were on hand at July 31. (a) Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average.(Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 2 decimal places, e.g. 5,275.75.)
FIFO
Weighted average
Ending inventory
$
$
Cost of goods sold
$
$
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