I really need this question answered how it's set up in excel at the bottom! Thank you so much!

During April, Leary Company sold 1,000 units of Product Q. Product Qs beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.)

Assignment Template attached below.

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: Use the periodic inventory system to answer the following questions.

Compute the total units available for sale.

Compute the total cost of the units available for sale.

Compute the FIFO cost of goods sold (COGS) in dollars.

Compute the FIFO ending inventory (EI) in dollars.

Compute the LIFO COGS in dollars.

Compute the LIFO EI in dollars.

Compute the weighted average COGS in dollars.

Compute the weighted average EI in dollars.

Prove the sum of COGS and EI for each method equals the goods available for sale for both units and dollars.

Compute the gross profit (GP) for each method assuming the 1000 units were sold for $10 each.

Instructions:

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

ACT 300 Module 4: CT Option #1: Periodic Inventory System: FIFO. LIFO, Weighted Average

April 1

Beg. Bal

200

$1

$200

April 5

200

$2

$400

April 10

Pur

200

$3

$600

April 15

Pur

200

$4

$800

April 20

Pur

200

$5

$1,000

April 25

Pur

200

$6

$1,200

Goods Available for Sale

1,200

$4,200

Less: Units sold

Equals: Ending Inventory

Answers

1. Enter the total units available for sale.

2. Enter the total cost of the units avilable for sale.

3. Enter FIFO cost of goods sold in dollars.

4. Enter FIFO ending inventory in dollars.

5. Enter LIFO cost of goos sold in dollars.

6. Enter LIFO endng inventory in dollars.

7. Enter moving average cost of goods sold in dollars.

8. Enter moving average ending inventory in dollars.

FIFO

LIFO

Weighted Average

9. Complete the grid:

Item

Units

Dollars

Item

Units

Dollars

Item

Units

Dollars

COGS

COGS

COGS

End Inv

End Inv

End Inv

GA = Goods Available for Sale

GA

GA

GA

10. Compute Gross Profit (GP) for each method.

FIFO

LIFO

Weighted Average

Units

Dollars

Units

Dollars

Units

Dollars

Sales

Sales

Sales

Less COGS

Less COGS

Less COGS

Equals: GP

Equals: GP

Equals: GP

Show your work below. Please label according to the questions.