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ACC - During April, Leary Company

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Question;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 @ $1April 5 Purchases 200 units @ $2April 10 Purchases 200 units @ $3April 15 Purchases 200 units @ $4April 20 Purchase 200 units @ $5April 25 Purchase 200 units @ $6Compute 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.

 

Paper#38431 | Written in 18-Jul-2015

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