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.

Excel spreadsheet format:

Journal

Date/Description/Debit/Credit

Account Name Balance

Date/Item/Debit/Credit Debit/Credit