DEVRY ACCT 216 Week 4 Homework
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>216</strong> <strong>Week</strong> 4 <strong>Homework</strong><br />
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-<strong>216</strong>/acct-<strong>216</strong>-week-4-homework<br />
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m<br />
Suppose Robotics, Inc.’s inventory records for a particular item indicated the<br />
following transactions in September:<br />
September 1 Beginning Inventory 10 units @ $29<br />
September 9 Purchase 18 units @ $32<br />
September 23 Purchase 9 units @ $30<br />
September 28 Purchase 6 units @ 31<br />
Required: The company sold 24 units on September 30. Compute the ending<br />
inventory and cost of goods sold using each of the following methods:<br />
1.LIFO<br />
2.FIFO<br />
3.Average Cost<br />
Hello fellow students of <strong>ACCT</strong> <strong>216</strong>: This is week 4’s homework assignment. By now<br />
you should be familiar with the Inventory Costing Methods, and if you’re not, I<br />
recommend you refer to your textbook for more detailed examples.<br />
This is not as complicated as it appears but it is a bit tricky, once you understand the<br />
methods you will find they are quite fun. Inventory is one of my
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