Reference no: EM132605928

Crane Company reports the following for the month of June.

Date explanation                             units         unit cost           total cost

June 1 Inventory                          150                $4            $600

12 Purchase                                 450                  5            2,250

23 Purchase                                 400                 6                     2,400

30 Inventory 80

Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.

Question A. Calculate cost of goods available for sale.

Question B. Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)

June 1             $4

June 12        $4.75

June 15          $4.75  

June 23             $?

June 27          $?

Question C. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)

FIFO LIFO moving-average cost

The cost ending inventory ? ? ?

The cost of goods sold 4770 4930 ?