Compute the cost of goods sold in both units

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Reference no: EM131021313

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

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:

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.

Leary

Month of April Inventory

Ending Inventory and COGS

         

Option #1- Mod 4- Protfolio Project Student Template

             
                   

Date

Inentory Activity

# Units

$ Cost

Total Cost

         

1-Apr

Briginning Inventory (BI)

               

5-Apr

Purchases (Transferred in or TI)

               

10-Apr

Purchases (Transferred in or TI)

               

15-Apr

Purchases (Transferred in or TI)

               

20-Apr

Purchases (Transferred in or TI)

               

25-Apr

Purchases (Transferred in or TI)

               

Q1: TOTAL

Goods Avail for Sale(units and $)

             

Given: Units sold (transferred out or TO) +=

               
                   

MustKnow:

Inventory Formula=

               
 

Units =

               
 

EI=

               
                   

Q2: Average cost= EI= Good available for sale$ / Goods available for sale units=

       
 

EI= units in inventory * average cost=

             
 

COGS= BI + TI - EI

               
 

BI + TI = $4,200;   EI = $3,500

               
                   

Q3: LIFO=

First-In, Still-Here for EI =

EI=

             
 

COGS= BI + TI - EI

               
 

BI + TI =           EI =

               
                   

Q4: FIFO=

Last-In, Still- Here for EI=

EI

             
 

COGS= BI + TI - EI

               
 

BI + TI =               EI =

               
                   

Question 5- Show work speadsheet on how you calculated the numbers

     
                   
                   
               



 

Reference no: EM131021313

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