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

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...

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

Jun 10, 2022

SOLUTION.PDF

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...

(a1)

eTextbook and Media

Solution

(a2)

eTextbook and Media

(a3)

eTextbook and Media

(b)

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