Question

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)		1,100		$77
Purchases
January 8, 2017		450		78
January 23, 2017		1,200		78.25
February 9, 2017		300		82
February 25, 2017		600		84

A physical inventory on February 28, 2017, shows 1,200 units on hand.

Prepare schedule to compute the ending inventory at February 28, 2017, under FIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)

CRANE Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER FIFO INVENTORY METHOD choose the accounting period February 28, 2017For the Year Ended February 28, 2017For the Quarter Ended February 28, 2017
		Units		Unit Cost		Total Cost
select an opening name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		$enter a dollar amount		$enter a dollar amount
select an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a total amount				$enter a total amount

Prepare schedule to compute the ending inventory at February 28, 2017, under LIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)

CRANE Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER LIFO INVENTORY METHOD choose the accounting period For the Year Ended February 28, 2017February 28, 2017For the Quarter Ended February 28, 2017
		Units		Unit Cost		Total Cost
select an opening name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		$enter a dollar amount		$enter a dollar amount
select an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a total amount				$enter a total amount

Calculate weighted average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average-cost per unit

$enter the weighted average-cost per unit rounded to 2 decimal places

Compute the ending inventory at February 28, 2017, under weighted-average inventory method. (Round answer to 0 decimal places, e.g. 2,760.)

		Weighted-Average
Ending Inventory at February 28, 2017		$enter a dollar amount rounded to 0 decimal places

Answer 1