# Cost-of-Ending-Inventory-and-Cost-of-Goods-Sold

During April, Leary Company sold 1,000 units of Product Q. Product Qâ€™s beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.)

Assignment Template attached below.

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Order Paper NowApril 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 | Purchases | 200 units @ $5 |

April 25 | Purchases | 200 units @ $6 |

**Required:** 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.