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  3. you are given the following information for crane

you are given the following information for Crane Company for the month ended November 30,2024...

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Accounting

you are given the following information for Crane Company for the month ended November 30,2024

Date Description Units Unit Cost
Nov.1 Beginning inventory 63 $48
9 Purchase 110 45
15 Sale (120)
22 Purchase 155 42
29 Sale (160)
30 Purchase 49 41

Crane Company uses a perpetual inventory system. All sales and purchases are on account.

a) Calculate the cost of goods sold and the tending inventory using FIFO.

Cost of goods sold $______

Ending inventory $______

b) Assume the sales price was $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase the November 29 sale.

c) Calculate gross profit for November. Assume the sales price was $66 per unit for the goods sold on November 15.

Gross profit $_______

d) Assume that the end of November the company counted its inventory. There were 95 units on hand. What journal entry, if any, should the company make to record the shortage?

Account Titles Debit Credit
Cost of Goods sold
Merchandise Inventory

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