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qaws [65]
3 years ago
6

Crane Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 483 units that cos

t $63 each. During the month, the company made two purchases: 723 units at $66 each and 362 units at $68 each. Crane Company also sold 1195 units during the month. Using the average cost method, what is the amount of ending inventory
Business
1 answer:
vaieri [72.5K]3 years ago
5 0

Answer:

$24,445.67

Explanation:

The average cost method calculates an average costs out of the units available for sale. The average cost is then used to value cost of sales and the inventory value.

Unit Cost = Total Cost ÷ Units available for sale

therefore,

Unit Cost = (483 x $63 + 723 x $66 + 362  x $68) ÷ 1,568

                = $65.538

Now,

Ending Inventory = Units in stock x Unit Cost

                             = (1,568 - 1,195) x $65.538

                             = $24,445.67

Using the average cost method, the amount of ending inventory is  $24,445.67.

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Answer: c. The senior staff member cannot be fired for refusing to take the polygraph test.

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3 years ago
A program that performs specific tasks that the user wants to carry out is called ________
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3 years ago
The unexpected results in the first set of Hawthorne Experiments that led to the second set of experiments was: Multiple choice
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2 years ago
The causes of frictional unemployment include:
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5 0
3 years ago
Your revenue is $353,522. Your Cost of Goods Sold are $124,555 and your Operating expenses are $170,124. What is your gross marg
anygoal [31]

Answer:

$228,967

Explanation:

Gross margin or gross profit is the amount of money remaining after subtracting the cost of goods sold from net sales. The net sale is the actual Revenue after adjusting for discounts, returns, and damaged inventory.

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3 years ago
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