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