Accounting

Assume that ABC Company sells one product. The January activity for that product follows:

Jan 1	Inventory	90 units @ $12 each
Jan 4	Sale	75 units @ $22 each
Jan 11	Purchase	120 units @ $16 each
Jan 13	Sale	75 units @ $23 each
Jan 20	Purchase	160 units @ $18 each
Jan 24	Purchase	60 units @ $20 each
Jan 27	Sale	200 units @ $22 each

A) Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERIODIC and LIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80.

B) Ignore your answer to A). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and FIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80.

C) Ignore your answers to A) & B). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and Average Cost methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80.