ACC - During April, Leary Company sold 1000 units of Product

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During April, Leary Company sold 1000 units of Product Q. Its beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.) 



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 Purchase 200 units @ $5 

April 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. To insert explanations, right-click any item (cell) in the desired field and click Insert Comment to insert your explanation.

    • 9 years ago
    ACC -Leary Company Solution
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