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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
200 units @ $3
April 15
200 units @ $4
April 20
200 units @ $5
April 25
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
15-Apr
20-Apr
25-Apr
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 =
BI + TI = EI =
Q4: FIFO=
Last-In, Still- Here for EI=
EI
Question 5- Show work speadsheet on how you calculated the numbers
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