Current Attempt in Progress Crane Company had a beginning inventory balance on July 1 of...
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Accounting
Current Attempt in Progress Crane Company had a beginning inventory balance on July 1 of 360 units at a cost of $2.80 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per unit Date Units Price per unit July 10 1.310 $2.90 July 2 280 $6.20 13 660 3.30 11 1.050 6.20 27 580 6.60 3.60 28 340 (c) Assume Crane uses FIFO perpetual Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $
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