Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. (Round average-cost per unit to 3 decimal places, eg 12.520 and final answer to O decimal places, eg 1.250)The cost ending inventoryThe cost of goods sold.S$FIFO96010290$5LIFO80010450$SMoving Average Cost Inventory data for Lily Company are reported as follows.DateJune 1122330Explanation UnitsInventoryPurchase(a1)PurchaseInventory15045040080Unit Cost$101112Assume a sale of 500 units occurred on June 15 for a selling price of $13 and a sale of 420 units on June 27 for $9.olate cost of goods available for saleTotal Cost$1.5004,9504,800The cost of goods available for sale $11250

There are different methods of inventory valuation which includes; FIFO, LIFO and Weighted average.…

Inventory data for Lily Company are reported as follows. Explanation Units Unit Cost Inventory 150 Purchase Date June 1 12 228 23 Purchase 30 Inventory 450 400 (21) 8 $10 11 12 Calculate cost of goods available for sale Total Cost Assume a sale of 500 units occurred on June 15 for a selling price of 513 and a sale of 420 units on June 27 for $9. $1.500 4.950 4,800 11290

Inventory data for Lily Company are reported as follows. Explanation Units Unit Cost Inventory 150 Purchase Date June 1 12 228 23 Purchase 30 Inventory 450 400 (21) 8 $10 11 12 Calculate cost of goods available for sale Total Cost Assume a sale of 500 units occurred on June 15 for a selling price of 513 and a sale of 420 units on June 27 for $9. $1.500 4.950 4,800 11290

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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