Question - Cost of Ending Inventory
During April, Leary Company sold 1000 units of Product Q. Product Q's 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 a spreadsheet.