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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