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
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. (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 inventory
The cost of goods sold.
S
$
FIFO
960
10290
$
5
LIFO
800
10450
$
S
Moving Average Cost
Transcribed Image Text:Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (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 inventory The cost of goods sold. S $ FIFO 960 10290 $ 5 LIFO 800 10450 $ S Moving Average Cost
Inventory data for Lily Company are reported as follows.
Date
June 1
12
23
30
Explanation Units
Inventory
Purchase
(a1)
Purchase
Inventory
150
450
400
80
Unit Cost
$10
11
12
Assume 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 sale
Total Cost
$1.500
4,950
4,800
The cost of goods available for sale $
11250
Transcribed Image Text:Inventory data for Lily Company are reported as follows. Date June 1 12 23 30 Explanation Units Inventory Purchase (a1) Purchase Inventory 150 450 400 80 Unit Cost $10 11 12 Assume 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 sale Total Cost $1.500 4,950 4,800 The cost of goods available for sale $ 11250
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