Compute the cost of ending inventory


During April, Leary Company sold 1000 units of Product Q. Its beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.)

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 Purchase 200 units @ $5

April 25 Purchase 200 units @ $6

Compute the cost of the ending inventory under each of three methods: (a) average-cost, (b) LIFO, and (c) FIFO. Explain how you calculated each answer and include your explanations in the spreadsheet. To insert explanations, right-click any item (cell) in the desired field and click Insert Comment to insert your explanation.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Compute the cost of ending inventory
Reference No:- TGS0516754

Expected delivery within 24 Hours