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Can someone please help me find the Ending Inventory and COGS under FIFO and LIFO? (see below) On December 1, 2020, Lily Company had the

Can someone please help me find the Ending Inventory and COGS under FIFO and LIFO? (see below)

On December 1, 2020, Lily Company had the account balances shown below.

Debit

Cash - $5,000

Accounts Receivable - $3,200

Inventory - $2,700*

Equipment - $22,000

Total - $32,900

Credit

Accumulated DepreciationEquipment - $1,100

Accounts Payable - $3,200

Owner's Capital - $28,600

Total - $32,900

*(4,500 x $0.60)

The following transactions occurred during December:

Dec. 3 - Purchased 4,400 units of inventory on account at a cost of $0.70 per unit.

Dec. 5 - Sold 4,900 units of inventory on account for $0.86 per unit. (Lily sold 4,500 of the $0.60 units and 400 of the $0.70.)

Dec. 7 - Granted the December 5 customer $198 credit for 200 units of inventory returned costing $132. These units were returned to inventory.

Dec. 17 - Purchased 2,100 units of inventory for cash at $0.76 each.

Dec. 22 - Sold 3,500 units of inventory on account for $0.91 per unit. (Lily sold 3,500 of the $0.70 units.)

Adjustment data:

1.Accrued salaries payable $700.

2.Depreciation $240 per month.

Thanks!

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