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Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 85 units in ending inventory.
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)
The cost of the ending inventory
$ FIFO
$ LIFO
$ Average-cost
The cost of goods sold
$ FIFO
$ LIFO
$ Average-cost

Answer :

ANTHOUGOGO

Answer:

Lisa Company

                                                           FIFO            LIFO      Average-cost

The cost of the ending inventory       $11,050     $8,500      $10,200

The cost of goods sold                    $24,950   $27,500     $25,800

Explanation:

a) Data and Calculations:

Beginning inventory 100 units           $10,000 $100

Purchase of 200 units                         26,000 $130

Total units available for sale = 300 $36,000

Ending inventory - 85 units

Units sold = 215 units

Weighted-average cost per unit = $120 ($36,000/300)

FIFO:

Cost of goods sold = $24,950 ($36,000 - $11,050)

Ending inventory = $11,050 (85 * $130)

LIFO:

Cost of goods sold = $27,500 ($36,000 - $8,500)

Ending inventory = $8,500 (85 * $100)

Weighted-average:

Cost of goods sold = $25,800 (215 * $120)

Ending inventory = $10,200 (85 * $120)

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