During April, Leary Company sold 1000 units of Product Q. Product Q’s beginning inventory and purchases during

During April, Leary Company sold 1000 units of Product Q. Product Q’s 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

Required:

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.

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.