Crane Company was formed in 2016 and maintains its books and records on calendar-year basis

Accounting Dec 12, 2020

Crane Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Crane's inventory records for Zhao's only product, the XL5500.
Units Unit Cost
January 1. 2017 (beginning inventory) 1,000 $82
Purchases
January 8, 2017 350 83
January 23. 2017 1,250 85.00
February 9, 2017 400 87
February 25. 2017 750 89
A physical inventory on February 28. 2017, shows 1,200 units on hand.

Prepare a schedule to compute the ending inventory at February 28, 2017, Under FIFO inventory method.

Prepare a schedule to compute the ending inventory at February 28, 2017, Under LIFO inventory method.

Calculate weighted average cost per unit.

Compute the ending inventory at February 28, 2017, under weighted average inventory method.

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