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Compute ending inventory and cost of goods sold under FIFO, assuming Lily Company uses the periodic inventory system. Ending Inventory \$ Cost of Goods Sold \$ eTextbook and Media eTextbook List of Accounts Your answer is partially correct. Compute ending inventory and cost of goods sold under LIFO, assuming Lily Company uses the periodic imventory system. Ending Inventory $ Cost of Goods Sold \$ On December 1, 2022, Lily Company had the account balances shown below. (4,200$0.60) The following transactions occurred during December: Dec. 3 Purchased 5,200 units of imventory on account at a cost of $0.78 per unit. 5 Sold 5,500 units of imventory on account for $0.94 per unit. (Lily sold 4,200 of the $0.60 units and 1,300 of the $0.78.) 7 Granted the December 5 customer $207 credit for 200 units of inventory returned costing $138. These units were returned to imventory. 17 Purchased 2,200 units of imventory for cash at $0.84 each. 22 Sold 3.400 units of imventory on account for $0.99 per unit. (Lily sold 3,400 of the $0.78 units.) Adjustment data: 1. Recognized accrued salaries payable $600. 2. Recognized depreciation $200 per month

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