You are provided with the following information for Lily Inc. for the month ended June 30, 2022. Lily uses the periodic method for inventory system. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 40 $34 June 4 Purchase 135 37 June 10 Sale 110 60 June 11 Sale return 15 60 June 18 Purchase 55 40 June 18 Purchase return 10 40 June 25 Sale 54 65 June 28 Purchase 35 43 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods: (1) LIFO, (2) FIFO, and (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
You are provided with the following information for Lily Inc. for the month ended June 30, 2022. Lily uses the periodic method for inventory system. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 40 $34 June 4 Purchase 135 37 June 10 Sale 110 60 June 11 Sale return 15 60 June 18 Purchase 55 40 June 18 Purchase return 10 40 June 25 Sale 54 65 June 28 Purchase 35 43 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods: (1) LIFO, (2) FIFO, and (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
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 2AP
Related questions
Question
You are provided with the following information for Lily Inc. for the month ended June 30, 2022. Lily uses the periodic method for inventory system.
|
Date
|
Description
|
Quantity
|
Unit Cost or
Selling Price |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
June
|
1
|
Beginning inventory
|
40 | $34 | |||||
|
June
|
4
|
Purchase
|
135 | 37 | |||||
|
June
|
10
|
Sale
|
110 | 60 | |||||
|
June
|
11
|
Sale return
|
15 | 60 | |||||
|
June
|
18
|
Purchase
|
55 | 40 | |||||
|
June
|
18
|
Purchase return
|
10 | 40 | |||||
|
June
|
25
|
Sale
|
54 | 65 | |||||
|
June
|
28
|
Purchase
|
35 | 43 |
Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods: (1) LIFO, (2) FIFO, and (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
|
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