Compute the cost of the ending inventory

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Reference no: EM13741111

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.)

Apr-01

Beginning inventory

200 units @ $1

Apr-05

Purchases

200 units @ $2

Apr-10

Purchases

200 units @ $3

Apr-15

Purchases

200 units @ $4

Apr-20

Purchase

200 units @ $5

Apr-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 the spreadsheet.

Reference no: EM13741111

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