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ily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lily had 90 units in ending inventory. (a)     Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $   $   $ The cost of goods sold   $   $   $

ily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lily had 90 units in ending inventory. (a)     Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $   $   $ The cost of goods sold   $   $   $

FINANCIAL ACCOUNTING
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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Lily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lily had 90 units in ending inventory.

(a)

 
 
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

   
FIFO
  
LIFO
  
Average-cost
The cost of the ending inventory  
$
  
$
  
$
The cost of goods sold  
$
  
$
  
$
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