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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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