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During April,Leary Company Sold 900 Units of Product Q Compute the Cost of the Ending Inventory Under Each of Inventory

Question 154

Essay

During April,Leary Company sold 900 units of Product Q.Its beginning inventory and purchases during the month were as follows:
 Apr. 1 Beginning inventory 200 units @$1 5 Purchases 200 units @$2 10 Purchases 200 units @$315 Purchases 200 units @ $420 Purchases 200 units @$525 Purchases 200 units @ $6\begin{array}{rll}\text { Apr. } &1& \text { Beginning inventory } & 200 \text { units @\$1 } \\&5 & \text { Purchases } & 200 \text { units @\$2 } \\&10 & \text { Purchases } & 200 \text { units } @ \$3 \\&15 & \text { Purchases } & 200 \text { units @ } \$4 \\&20 & \text { Purchases } & 200 \text { units } @ \$5 \\&25 & \text { Purchases } & 200 \text { units @ } \$6\end{array}
Compute the cost of the ending inventory under each of three methods: (a)average-cost,(b)LIFO,and (c)FIFO.Assume the periodic inventory system is used.(Show your work.)

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a.Average-cost: $1,050 [(200 blured image ...

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