You are provided with the following information for Lily Inc. Lily Inc. uses the periodic method of accounting for its inventory transactions.
March1Beginning inventory 2,200 liters at a cost of 80 per liter.March3Purchased 2,500 liters at a cost of 84 per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 91 per liter.March20Purchased 2,500 liters at a cost of 99 per liter.March30Sold 5,000 liters for $1.25 per liter.
Problem 6-06A a1-a2 You are provided with 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 80 per liter. March 3 Purchased 2,500 liters at a cost of 84 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 91 per liter. March 20 Purchased 2,500 liters at a cost of 99 per liter. March 30 Sold 5,000 liters for $1.25 per liter. Your answer is partially correct. Try again. 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, e.g. 125.50.) (1) Specific identification method assuming: (i) 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 (ii) 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 Your answer is partially correct. Try again. 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, (9.9. 125.50.) (1) Specific identification method assuming: (i) 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 (ii) 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 Ending inventory X Specific identification $ 3335 3' $ LIFO 3188 6r Your answer is partially correct. Try again. Prepare partial income statements for 2020 through gross prot, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25. ) (1) Specific identification method assuming: (i) 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 (ii) 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 LILY INC. a Income Statement (partial) Specific Identication FIFO LIFO v V Sales revenue v $ 8665 $ 8665 $ 8665 s/ s/ s/ s/ Beginning inventory v 1760 1760 1760 LILY INC. Income Statement (partial) V For the Year Ended December 31, 2020 V Specific Identification FIFO LIFO V Sales revenue 8665 8665 8665 $ Beginning inventory 1760 1760 1760 V x x X Purchases 8017 8017 8017 X x X Cost of goods available for sale v 9777 9777 9777 X x x Ending inventory 3335 3551 3020 x Cost of goods sold 6442 6226 6757 V X Gross profit / (Loss) 2223 2439 1908 Click if you would like to Show Work for this question: Open Show Work
