During April, Leary Company sold 1,000 units of Product Q. Product Q’s beginning inventory and purchases

 

Option #1: Cost of Ending Inventory

During April, Leary Company sold 1,000 units of Product Q. Product Q’s beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.)

Assignment Template

April 1

Beginning inventory

200 units @ $1

April 5

Purchases

200 units @ $2

April 10

Purchases

200 units @ $3

April 15

Purchases

200 units @ $4

April 20

Purchases

200 units @ $5

April 25

Purchases

200 units @ $6

Required:

  1. Compute the cost of goods sold in both units, and cost and compute the number of units in the ending inventory.
  2. Compute the cost of the ending inventory under average cost.
  3. Compute the cost of the ending inventory under LIFO.
  4. Compute the cost of the ending inventory under FIFO.
  5. Explain how you calculated each answer and include your explanations in the Excel worksheet that you submit.

 Instructions:

Complete this assignment using the Excel spreadsheet template, and date and explain each entry on your deliverable.

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