Question

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		450 units		at		$23		Sept. 4		350 units		at		$25
July 20		230 units		at		$24		Dec. 2		100 units		at		$26

1,120 units were sold. Lily Company uses a periodic inventory system.

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).

		FIFO		LIFO		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

Please use this format ^ Thank you.

Answer 1