accounting-Smith Company started the month of March

Chapter Eight Case – 30 points

Smith Company started the month of
March, 2014 with 7,000 units of product X, with a cost of $13.00 per unit. Merchandise transactions for the month of
March 2014 are as follows:
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Based on the information provided, develop
a spreadsheet in Excel that calculates the following results:

1.
FIFO, using the perpetual system
a.
Ending inventory value – 3 pts
b.
Cost of goods sold – 2 pts
c.
Gross profit – 3 pts
2.
LIFO, using the perpetual system
a.
Ending inventory value – 3 pts
b.
Cost of goods sold – 2 pts
c.
Gross profit – 3 pts
3.
Average cost, using the perpetual system
a.
Ending inventory value – 3 pts
b.
Cost of goods sold – 2 pts
c.
Gross profit – 3 pts

Required:
Prepare, using Excel, develop the
solution for the required information.
If you use Excel as a “typewriter” you will lose up to 5 points toward
your total for this assignment. This
portion of the assignment is worth 24 points.
You will then complete a Word document discussing the solutions, making
sure to import the appropriate Excel data to support the discussion. This portion of the assignment is worth 6
points. If you simply “paste” the Excel
data or paste as an Excel object into the Word document, which is not following
the instructions for the assignment, you will lose up to 5 points toward the
total for this assignment.

Make sure to complete both the
Excel file and the Word document prior to attempting to upload to the
assignment in Blackboard. You must
“browse” and access both files prior to hitting the “submit” button in Blackboard.

Remember: This is an academic
paper (the Word document) and you should follow the appropriate details
associated with this assignment as such.
The file name of the Word file and the Excel file will be as
follows: lastname_ACC310-Fa15_Case 4.

 

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