Accounting Lab #4

Within this lab you will need to account for the cost of inventory under the three main inventory methods (FIFO, LIFO, & Weighted Average), along with preparing a brief multiple step income statement for each of the methods. After preparing this information, you will need to select an inventory method for the business to use and prepare the related monthly journal entries. Keep in mind that cell references and formulas within Excel are a required component of the lab and points will be deducted if these are not included where required.