Answer:
FIFO $10,400
LIFO $8,000
AVERAGE COST $9,600
Explanation:
Lisa Company
(1) FIFO
Purchases during the period:
100 units at $100 = $10,000
200 units at $130 = $26,000
Units sold during the period = 220
Cost of units sold
=100*$100+120*130=$25,600
Value of ending inventory
=10,000+26,000-25,600
=$10,400
(2) LIFO
Purchases during the period:
100 units at $100 = $10,000
200 units at $130 = $26,000
Units sold during the period = 220
Cost of units sold
=20*$100+200*130=$28,000
Value of ending inventory
=10,000+26,000-28,000
=$8,000
(3) average-cost
Purchases during the period:
100 units at $100 = $10,000
200 units at $130 = $26,000
average cost per unit
=(10,000+26,000)/300
=$120 per unit
Units sold during the period = 220
Cost of units sold
=220 * $120
=$26,400
Value of ending inventory
=36,000-26,400
=$9,600
