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ACCT 216 Week 4 Homework

ACCT 216 Week 4 Homework

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Author: Minh Reed
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http://www.devrygenius.com/product/acct-216-week-4-homework

Homework scenario
Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September:
September 1

Beginning Inventory

10 units @ $29

September 9

Purchase

18 units @ $32

September 23

Purchase

9 units @ $30

September 28

Purchase

6 units @ 31

Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:
1.LIFO
2.FIFO
3.Average Cost
Hello fellow students of ACCT 216: This is week 4's homework assignment. By now you should be familiar with the Inventory Costing Methods, and if you're not, I recommend you refer to your textbook for more detailed examples. 

This is not as complicated as it appears but it is a bit tricky, once you understand the methods you will find they are quite fun. Inventory is one of my favorite topics in Accounting and so I had fun with this. 

Below is the result, please note that I did complete my original assignment on Excel, but blogger doesn't copy & paste Excel so I duplicated my assignment on word and then copied an pasted it here. You should however create a basic Excel form for this assignment simply because it assures your math computations will be accurate. See below. or click on ACCT 216 above for a complete view.


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