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Title : Week 3 Excel Assignment: Accounting for Inventories


Instructions :

The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20xx: Cash $36,000 Beginning Inventory $24,000 (200 units @ $120) Common Stock $25,000 Retained Earnings $35,000. ....Required: Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit for each of the cost flow assumptions: FIFO cost flow LIFO cost flow Weighted-average cost flow Use the following Excel template: Inventory Template

Description :

The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20xx: Cash $36,000 Beginning Inventory $24,000 (200 units @ $120) Common Stock $25,000 Retained Earnings $35,000 The following transactions occurred in 20XX: 1. January 30th : Purchase for cash 130 units @ $124 each 2. March 12th: Purchase for cash 220 units @ $128 each 3. June 3rd : Sold 350 units for cash @ $320 each. 4. Paid $24,000 of operating expenses during the year. 5. Paid income tax in cash at the rate of 40 percent of income before tax. Required: Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit for each of the cost flow assumptions: FIFO cost flow LIFO cost flow Weighted-average cost flow Use the following Excel template: Inventory Template

Price:

$20