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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 O decimal places, eg. 1,250) FIFO The cost of the ending inventory $ The cost of goods sold $ $ LIFO Average-cost $ $

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 O decimal places, eg. 1,250) FIFO The cost of the ending inventory $ The cost of goods sold $ $ LIFO Average-cost $ $

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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View Policies Show Attempt History Current Attempt in Progress 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 O decimal places, e.g. 1,250.) The cost of the ending inventory The cost of goods sold eTextbook and Media Save for Later (b) $ +A A FIFO $ $ LIFO $ $ SA Average-cost Attempts: 0 of 5 used Submit Answer SUPPORT
Transcribed Image Text:View Policies Show Attempt History Current Attempt in Progress 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 O decimal places, e.g. 1,250.) The cost of the ending inventory The cost of goods sold eTextbook and Media Save for Later (b) $ +A A FIFO $ $ LIFO $ $ SA Average-cost Attempts: 0 of 5 used Submit Answer SUPPORT
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