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Compute the cost of the ending inventory under each of three methods: (a) average-cost, (b) LIFO, and (c) FIFO.

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Cost of Ending Inventory (90pts);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.

 

Paper#23853 | Written in 18-Jul-2015

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