ou are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount The cost of goods sold $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount Gross profit $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount eTextbook and Media Attempts: 1 of 3 used (a3) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate Enter percentages % Enter percentages % Enter percentages % eTextbook and Media Attempts: 0 of 3 used (b) Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, Select a cost flow assumption gives the highest cost of goods sold and the Select an option gross profit. Select a cost flow assumption gives the lowest cost of goods sold and the Select an option gross profit. eTextbook and Media
ou are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount The cost of goods sold $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount Gross profit $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount eTextbook and Media Attempts: 1 of 3 used (a3) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate Enter percentages % Enter percentages % Enter percentages % eTextbook and Media Attempts: 0 of 3 used (b) Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, Select a cost flow assumption gives the highest cost of goods sold and the Select an option gross profit. Select a cost flow assumption gives the lowest cost of goods sold and the Select an option gross profit. eTextbook and Media
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
Related questions
Question
You are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory.
Date
|
Description
|
Quantity
|
Unit Cost or
Selling Price |
|||||
---|---|---|---|---|---|---|---|---|
June | 1 | Beginning inventory | 39 | $40 | ||||
June | 4 | Purchase | 135 | 44 | ||||
June | 10 | Sale | 112 | 71 | ||||
June | 11 | Sale return | 18 | 71 | ||||
June | 18 | Purchase | 56 | 45 | ||||
June | 18 | Purchase return | 12 | 45 | ||||
June | 25 | Sale | 66 | 76 | ||||
June | 28 | Purchase | 25 | 48 |
(a1)
- Your Answer
- Correct Answer
Correct answer icon
Your answer is correct.
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)
Weighted-average cost per unit |
$Enter the weighted-average cost per unit in dollars
|
eTextbook and Media
Solution
Attempts: 3 of 3 used
(a2)
Incorrect answer icon
Your answer is incorrect.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)
LIFO
|
FIFO
|
AVERAGE-COST
|
||||
---|---|---|---|---|---|---|
The ending inventory |
$Enter a dollar amount
|
$Enter a dollar amount
|
$Enter a dollar amount
|
|||
The cost of goods sold |
$Enter a dollar amount
|
$Enter a dollar amount
|
$Enter a dollar amount
|
|||
Gross profit |
$Enter a dollar amount
|
$Enter a dollar amount
|
$Enter a dollar amount
|
eTextbook and Media
Attempts: 1 of 3 used
(a3)
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.)
LIFO
|
FIFO
|
AVERAGE-COST
|
|||||||
---|---|---|---|---|---|---|---|---|---|
Gross profit rate |
Enter percentages
|
% |
Enter percentages
|
% |
Enter percentages
|
% |
eTextbook and Media
Attempts: 0 of 3 used
(b)
Compare the results for the three cost flow assumptions and answer the following questions.
In this period of rising prices, Select a cost flow assumption |
gives the highest cost of goods sold and the Select an option gross profit.
Select a cost flow assumption gives the lowest cost of goods sold and the Select an option
gross profit. |
eTextbook and Media
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