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You have the following information for Lily Inc. Lily Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning inventory 2.200 liters at a cost of 80c per liter. March Purchased 2.500 liters at a cost of 84 per ter March 5 March 10 March 20 March 30 Sold 5,000 liters for $1.25 per liter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet under each of the following cost flow assumptions (Round answers to 2 decimal places. 125.50) Sold 2.300 liters for $1.05 per liter Purchased 4,000 liters at a cost of 91c per liter Purchased 2.500 liters at a cost of 99 per liter (1) Specine identification method assuming (The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase and (The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20 (2) FO (3) LIFO FIFO Specine identification $ LIFO Ending inventory

You have the following information for Lily Inc. Lily Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning inventory 2.200 liters at a cost of 80c per liter. March Purchased 2.500 liters at a cost of 84 per ter March 5 March 10 March 20 March 30 Sold 5,000 liters for $1.25 per liter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet under each of the following cost flow assumptions (Round answers to 2 decimal places. 125.50) Sold 2.300 liters for $1.05 per liter Purchased 4,000 liters at a cost of 91c per liter Purchased 2.500 liters at a cost of 99 per liter (1) Specine identification method assuming (The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase and (The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20 (2) FO (3) LIFO FIFO Specine identification $ LIFO Ending inventory

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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Prepare partial income statements for 2022 through gross proht, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (in) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20 (2) FIFO (3) LIFO LILYINC. Income Statement (partial) Specific Identification FIFO
Transcribed Image Text:Prepare partial income statements for 2022 through gross proht, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (in) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20 (2) FIFO (3) LIFO LILYINC. Income Statement (partial) Specific Identification FIFO
You have the following information for Lily Inc. Lily inc. uses the periodic method of accounting for its inventory transactions March March March 5 March 10 March 20 March 30 (al) 1 Beginning inventory 2.200 liters at a cost of 80 per liter 3 Purchased 2.500 liters at a cost of 84¢ per liter Sold 2.300 liters for $1.05 per liter Calculate the value of ending inventory that would be reported on the balance sheet under each of the following cost flow assumptions (Round answers to 2 decimal places, eg 125.50) Purchased 4,000 liters at a cost of 91c per liter Purchased 2.500 liters at a cost of 99 per liter. Sold 5,000 liters for $1.25 per liter. (1) Specific identification method assuming (The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase and (4) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20 (2) FIFO (3) LIFO FIFO LIFO Specincidentification Ending inventory $ 14 $
Transcribed Image Text:You have the following information for Lily Inc. Lily inc. uses the periodic method of accounting for its inventory transactions March March March 5 March 10 March 20 March 30 (al) 1 Beginning inventory 2.200 liters at a cost of 80 per liter 3 Purchased 2.500 liters at a cost of 84¢ per liter Sold 2.300 liters for $1.05 per liter Calculate the value of ending inventory that would be reported on the balance sheet under each of the following cost flow assumptions (Round answers to 2 decimal places, eg 125.50) Purchased 4,000 liters at a cost of 91c per liter Purchased 2.500 liters at a cost of 99 per liter. Sold 5,000 liters for $1.25 per liter. (1) Specific identification method assuming (The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase and (4) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20 (2) FIFO (3) LIFO FIFO LIFO Specincidentification Ending inventory $ 14 $
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