ACC – During April, Leary Company sold 1000 units of Product Q

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Description

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.

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