Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 of 5 View Policies Show Attempt History Current Attempt in Progress Inventory data for Lily Company are reported as follows. Date Explanation Units Unit

4 of 5 View Policies Show Attempt History Current Attempt in Progress Inventory data for Lily Company are reported as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $10 $1.500 12 Purchase 450 11 4,950 23 Purchase 400 12 4,800 30 Inventory 80 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. (01) Your answer is rect Calculate cost of goods available for sale The cost of goods available for sale 11290 6.22/7 E (a3) Your answer is partially correct. 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 eTextbook and Media Sate Last saved 9 minutes apti FIFO 960 10090 LIFO Moving Average Cost 800 $ 10450 Attempts unlimited Submit Amer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dipifr Diploma In International Financial Reporting Revision Kit

Authors: BPP Learning Media

1st Edition

150973872X, 978-1509738724

More Books

Students also viewed these Accounting questions