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:

Based on the information provided, develop a spreadsheet in Excel that calculates the following results:

• FIFO, using the perpetual system
  • Ending inventory value ? 3 pts
  • Cost of goods sold ? 2 pts
  • Gross profit ? 3 pts
• LIFO, using the perpetual system
  • Ending inventory value ? 3 pts
  • Cost of goods sold ? 2 pts
  • Gross profit ? 3 pts
• Average cost, using the perpetual system
  • Ending inventory value ? 3 pts
  • Cost of goods sold ? 2 pts
  • Gross profit ? 3 pts

ACC310 - Fall 2015 Case Assignment #4 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: 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 ACC310 - Fall 2015 Case Assignment #4 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