Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September:
10 units @ $29
18 units @ $32
9 units @ $30
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:
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.