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Crane Co
Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 62 units were sold. Units Unit Cost Total Cost $5 May 1 15 Inventory Purchases 30 22 8 $150 176 288 24 Purchases 32 9 Totals 84 $614 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. LIFO FIFO Ending inventory at May 31 Cost of goods sold Click if you would like to Show Work for this question: Open Show Work
Expert Solution
FIFO:-
Beginning inventory (30 X $5) $150
Purchases
May 15 (22 X $8) $176
May 24 (32 X $9) 288 464
Cost of goods available for sale 614
Less: Ending inventory (22 X $9) 198
Cost of goods sold total:- $416
Proof
Date Units Unit Cost Total Cost
5/1 30 $ 5 $150
5/15 22 $8 $ 176
5/24 10 $9 $ 90
total:- $416.
LIFO:-
Cost of goods available for sale $614
Less: Ending inventory (22 X $5) 110
Cost of goods sold total:- $504
Proof
Date Units Unit Cost Total Cost
5/24 32 $9 $288
5/15 22 $8 $176
5/1 5 8 $5 $40
total:- $504
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