30 May ACCT 216 Week 4 Homework
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
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