Expert answer:Cost of Ending Inventory and Cost of Goods Sold

Expert answer: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.April 1Beginning inventory200 units @ $1April 5Purchases200 units @ $2April 10Purchases200 units @ $3April 15Purchases200 units @ $4April 20Purchases200 units @ $5April 25Purchases200 units @ $6Required: 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.Below is the Excel spreadsheet needed to complete this assignment
assignment_1_template_option.xlsx

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Leary
Month of April Inventory
Ending Inventory and COGS
Option #1- Mod 4- Protfolio Project Student Template
Date
Inentory Activity
1-Apr Briginning Inventory (BI)
5-Apr Purchases (Transferred in or TI)
10-Apr Purchases (Transferred in or TI)
15-Apr Purchases (Transferred in or TI)
20-Apr Purchases (Transferred in or TI)
25-Apr Purchases (Transferred in or TI)
Q1: TOTAL Goods Avail for Sale(units and $)
Given: Units sold (transferred out or TO) +=
# Units
$ Cost
Total Cost
MustKnow: Inventory Formula=
Units =
EI=
Q2: Average cost= EI= Good available for sale$ / Goods available for sale units=
EI= units in inventory * average cost=
COGS= BI + TI – EI
BI + TI = $4,200; COGS = $3,500
Q3: LIFO= First-In, Still-Here for EI =
EI=
COGS= BI + TI – EI
BI + TI =
EI =
Q4: FIFO= Last-In, Still- Here for EI=
EI
COGS= BI + TI – EI
BI + TI =
EI =
Question 5- Show work speadsheet on how you calculated the numbers
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