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Compute the cost of the ending inventory under lifo methods

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On April 21, Cleary Company sold 900 units purchases of Product Y. Its beginning inventory and purchases during the month were as follow:

Apr. 1 Beginning inventory 200 units @ $1

5 Purchases 200 units @ $2

10 Purchases 500 units @ $3

15 Purchases 200 units @ $4

20 Purchases 200 units @ $5

25 Purchases 200 units @ $6

REQUIRED:

problem 1: Compute the cost of the ending inventory under each of three methods: (a) average-cost, (b) LIFO, and (c) FIFO. (Show your work.) Assume the use of the perpetual inventory system.

Reference no: EM132785390

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