Solution-Compute the cost of the ending inventory under lifo

Compute the cost of the ending inventory under lifo

Assignment Help Corporate Finance

Reference no: EM131623920

Assignment: Cost of Ending Inventory

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

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:

1. Compute the cost of goods sold in both units, and cost and compute the number of units in the ending inventory.

2. Compute the cost of the ending inventory under average cost.

3. Compute the cost of the ending inventory under LIFO.

4. Compute the cost of the ending inventory under FIFO.

5. Explain how you calculated each answer and include your explanations in the Excel worksheet that you submit.

Instructions:

Complete this assignment using the Excel spreadsheet template, and date and explain each entry on your deliverable.

Reference no: EM131623920

Questions Cloud

Prepare federal form 1040 : Prepare Federal Form 1040, Schedule A , Schedule C and Schedule SE for form 1040 , and Federal Form 2106 and Federal Form 8829 for the income tax

On an annual basis : Assuming you could earn 6% on an annual basis, how much would you have at the end of 10 years, 20 years and 30 years.

Prepare carolyn bowen investment plan : Carolyn Bowen, who just turned 55, is employed as an administrative assistant for the Xcon Corporation, where she has worked for the past 20 years.

Decide on the best option for solving the problem : Explain how you will implement the decision made and reflect on whether this option was the most effective

Compute the cost of the ending inventory under lifo : Compute the cost of the ending inventory under average cost. Compute the cost of the ending inventory under LIFO.

How much manufacturing overhead would be applied : If Wilmington used a plantwide predetermined overhead rate based on direct labor-hours, how much manufacturing overhead would be applied to Job Bravo

Create a spreadsheet and perform the given tasks : In the following chapters of this text, you will be asked to solve spreadsheet problems using Microsoft Excel. While each person's skill and experience.

Relationship between toyota motor and honda motor : 1. What is the relationship between Toyota Motor and Honda Motor companies and their respective employees and investors?

The interest and principal portions in second payment : What are the interest and principal portions in the first payment? What are the interest and principal portions in the second payment?

User Account

All Pages

Compute the cost of the ending inventory under lifo

Reference no: EM131623920

Reference no: EM131623920

Questions Cloud

Reviews

Write a Review

Corporate Finance Questions & Answers

Impact of the global economic crisis on business environment

Explain the short and the long-run effects on real output

Examine the requirements for measuring assets

Financial analysis report driven by rigorous ratio analysis

Calculate the value of the merged company

Stock market project

Write paper on financial analysis and business analysis

Intermediate finance

Average price-earnings ratio

Determine the financial consequences

Prepare a spread sheet model

Principles and tools for financial decision-making

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT