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 attached below
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April 1
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Beginning inventory
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200 units @ $1
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April 5
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Purchases
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200 units @ $2
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April 10
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Purchases
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200 units @ $3
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April 15
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Purchases
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200 units @ $4
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April 20
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Purchases
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200 units @ $5
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April 25
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Purchases
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200 units @ $6
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Required:
Compute the cost of goods sold in both units, and cost and compute the number of units in the ending inventory.
Compute the cost of the ending inventory under average cost.
Compute the cost of the ending inventory under LIFO.
Compute the cost of the ending inventory under FIFO.
Explain how you calculated each answer and include your explanations in the Excel worksheet that you submit.
Instructions:
Complete this assignment using an Excel spreadsheet, and date and explain each entry on your deliverable.
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Leary
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Month of April Inventory
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Ending Inventory and COGS
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Option #1- Mod 4- Protfolio Project Student Template
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Date
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Inentory Activity
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# Units
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$ Cost
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Total Cost
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1-Apr
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Briginning Inventory (BI)
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5-Apr
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Purchases (Transferred in or TI)
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10-Apr
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Purchases (Transferred in or TI)
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15-Apr
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Purchases (Transferred in or TI)
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20-Apr
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Purchases (Transferred in or TI)
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25-Apr
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Purchases (Transferred in or TI)
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Q1: TOTAL
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Goods Avail for Sale(units and $)
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Given: Units sold (transferred out or TO) +=
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MustKnow:
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Inventory Formula=
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Units =
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EI=
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Q2: Average cost= EI= Good available for sale$ / Goods available for sale units=
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EI= units in inventory * average cost=
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COGS= BI + TI - EI
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BI + TI = $4,200; EI = $3,500
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Q3: LIFO=
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First-In, Still-Here for EI =
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EI=
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COGS= BI + TI - EI
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BI + TI = EI =
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Q4: FIFO=
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Last-In, Still- Here for EI=
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EI
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COGS= BI + TI - EI
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BI + TI = EI =
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Question 5- Show work speadsheet on how you calculated the numbers
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