Crane Lighting had a beginning inventory of 22 units at a cost of $7 per...
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Accounting
Crane Lighting had a beginning inventory of 22 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made.
| Purchases | Sales | |||||
|---|---|---|---|---|---|---|
| August 5 | 27 units at $8 | August 2 | 17 units | |||
| August 11 | 37 units at $9 | August 10 | 22 units | |||
| August 23 | 32 units at $10 | August 19 | 52 units | |||
| August 21 | 22 units | |||||
Crane uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
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