Question

Crane Company sells one product. Presented below is information for January for Crane Company. Nov. 1 Inventory 300 units at $12 each 5 Purchase 190 units at $13 each 10 Sale 430 units at $20 each 15 Purchase 430 units at $12.50 each 21 Sale 440 units at $21 each 30 Purchase 350 units at $12.80 each

Answer 1

Ecrane company sells one Pou duct Cad Date 5 Debit $2450 NOUS Account Nome Purchase c1908 $13) TO Accounts Payable. 2470 10 Account Receivable (430x$200 $8600 To sales Revenue $ 8600 $ 5375 Puschase (430X TO Accounts is 12.50) payable $ 5375 21 Account Receivable (440x 621] s. 9240 To sales Revenue 19240 30 purchase (350X $ 12.80 TO Accounts payable $4480 IS 4480 NOU 30 Inventory cost of Good sold To purchase TO Inventory 5120 11080s $ 12325 § 3600 o Ending inventory: 400 units X $12.80 [s 51200 (al cost of Good sold = Beginu t Purchase - End Inv S53600 + 1232 5 - 520 110805 (3) puachase - $ 2470 + $ 5375 +$ 4480 = 12325 o les Beg Inv. 300X $ 12 -15 36007

GHYOSS Profit S 7035 sales Revenue 3600 H 9R40] cost of Good sold GHYOSS Profit 1 1 78.40 (1805) 7035 Perpetual system [Joumal Entry: Date Coedit 15 Account nome inventory (190 x $13) TO Accounts Payable Debit $ 2470 HOV. $ 470 (430x$20 e Accounts Receivable TO sales revenue $ 8600 $ 8600 Tcost of Good sold (300X$ 12] + [130x13] TO Inventory $5290 $ 5290 $ 5375 Inventory (430XS 12.50 TO Accounts payable $ 53+5 Account Rceivable (440X $21) & 9240 To sales revenue 92GO COSH of Good sold (60X$137+ (380X12.) 5530 TO Inventory SS30 30 $ 4480 Inventory (350 X $ 12.80 TO Accounts payable