Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Option #1: Cost of Ending Inventory and Cost of Goods Sold During April, Leary Company sold 1,000 units of Product Q. Product Q's beginning inventory
Option #1: Cost of Ending Inventory and Cost of Goods Sold 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 attached below pril 1 April 5 pril 10 April 15 pril 20 April 25 Beginning inventory Purchases Purchases Purchases Purchases Purchases 200 units $1 200 units @ $2 200 unitsa $3 200 units @ $4 200 units @ $5 200 units $6 Required: Use the periodic inventory system to answer the following questions. 1. Compute the total units available for sale. 2. Compute the total cost of the units available for sale. 3. Compute the FIFO cost of goods sold (COGS) in dollars. 4. Compute the FIFO ending inventory (El) in dollars. 5. Compute the LIFO COGS in dollars. 6. Compute the LIFO El in dollars. 7. Compute the weighted average COGS in dollars. 8. Compute the weighted average El in dollars. 9. Prove the sum of COGS and El for each method equals the goods available for sale for both units and dollars. 10. 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started