Lily Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 450 units 230 units at at $23 $24 Sept. 4 Dec. 2 350 units 100 units at at $25 $26 1,120 units were sold. Lily Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale LINK TO TEXT VIDEO: SIMILAR PROBLEM Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit LINK TO TEXT Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to o decimal places, e.g. 1,250.) FIFO L IFO AVERAGE-COST The ending inventory $ The cost of goods sold $ LINK TO TEXT Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? (1) results in the highest inventory amount, s (2) produces the highest cost of goods sold, $ Click if you would like to Show Work for this question: Open Show Works Problem 6-05A a1-a3,b (Video) You are provided with the following information for Swifty Inc. for the month ended June 30, 2020. Swifty uses the periodic method for inv June 1 Beginning Unit Cost or Selling Date Description Quantity Price 39 $40 inventory June 4 Purchase 137 45 June 10 Sale 71 June 11 Sale return June 18 Purchase 54 47 19 47 return June 25 Sale 67 75 June 28 Purchase 27 51 June 18 Purchase Your answer is incorrect. Try again. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted average cost per unit 45.35 LINK TO TEXT Your answer is partially correct. Try again. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Ro LIFO FIFO AVERAGE-COST The ending inventory $4620 5103 4861. The cost of goods sold | 7443 $ 6960 7201. Gross profit $| 4114 4597 4355. LINK TO TEXT Your answer is partially correct. Try again. Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal pla LIFO FIFO AVERAGE-COST Gross profit rate 35.6 % 39.8 % 37.7 % LINK TO TEXT Your answer is correct. Compare the results for the three cost flow assumptions and answer the following questions. gross profit. In this period of rising prices, LIFO gives the highest cost of goods sold and the lowest FIFO gives the lowest cost of goods sold and the highest gross profit. Click if you would like to Show Work for this question: Open Show Work
