# Intermediate Accounting II for low price

dranfl

I need all work done in MS Excel and references in APA 6th edition have to be used for the written portion, no exceptions.

Assignment Details

Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.

Tony Merchandise Company has the following information for the month of February:

 Feb. 2 Beginning inventory 20 units @ \$12 per unit Feb. 5 Purchase 20 units @ \$16 per unit Feb. 8 Sale 12 units Feb. 21 Purchase 12 units @ \$18 per unit Feb. 25 Sale 14 units

Answer the following questions for Tony Merchandise Company:

1.        Calculate the dollar ending inventory if first in, first out (FIFO) is used.
2.        Calculate the cost of goods sold if LIFO is used.
3.        Calculate the dollar ending inventory if weighted average is used.
4.        According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.
5.        Discuss the consequences of selecting one method instead of others.

 Grading Guidelines 30% Calculate the dollar ending inventory if FIFO is used. 30% Calculate the cost of goods sold if LIFO is used. 20% Calculate the dollar ending inventory if weighted average is used. 20% According to the GAAP, discuss the objectives of inventory costing.Discuss the consequences of selecting one method instead of others.

• 6 years ago
• 5