Compute the cost of goods sold in both units

Assignment Help Accounting Basics

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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