Task 1: Create a balance sheet from a trial balance for a given scenario. Make sure you classify the accounts appropriately as current or non-current.

Task 2: Perform inventory valuations using LIFO, FIFO, and weighted average methods based on the following information. Explain the impact of each method on the cost of goods sold and ending inventory.

The company imports microwaves from a supplier in China for the US market. At the end of the first quarter, 100 microwaves are in stock. The company purchased a total of 400 microwaves during the quarter at various prices: January: 100 units @ $75

February: 250 units @ $83 March: 50 units @ $87 The company had no inventory at the beginning of the quarter. Task 3: If the companys goal is to maximize net income, which evaluation method will you use and why?

Create a Balance Sheet from the trial balance:
		Debits	Credits	Classification
	Cash	300,000.00		Current asset
	Sales		(10,000,000.00)	Income statement
	Cost of Goods Sold	7,000,000.00		Income statement
	Selling Expenses	500,000.00		Income statement
	Other income		(50,000.00)	Income statement
	Administrative expenses	350,000.00		Income statement
	Interest Expenses	12,500.00		Income statement
	Land	300,000.00		non-current asset
	Building	2,000,000.00		non-current asset
	Long Term bond payable		(550,000.00)	non-current liability
	Accrued Liabilities		(50,000.00)	current- liability
	Accumulated Depreciation Buildings		(250,000.00)	non-current asset
	Equipment	750,000.00		non-current asset
	Receivables	100,000.00		current asset
	Allowance for doubtful accounts		(7,500.00)	current asset
	Accumulated depreciation equipment		(125,000.00)	non-current asset
	Common Stock		(200,000.00)	equity
	Payables		(115,000.00)	current Liability
	Inventories	200,000.00		current asset
	Prepaid Expenses	50,000.00		current asset
	Retained Earnings		(215,000.00)	equity
		11,562,500.00	(11,562,500.00)

	Assets						Equity and Liabilities
	Current Assets						Current Liabilities
	Total Current Assets			-			Total Current Liabilities			-
							Total long term Liabilities			-
	Total property plant and equipment			-
							Total Equity			-
	Total Assets			-			Total Equity and liabilities			-

Project Part 1 - Task 2:
	Purchases	Cost per Unit	Total Cost
January
February
March
Ending Inventory =
Value of Ending Inventory of 100 Units
Weighted AVG	LIFO	FIFO
Cost of Goods Sold (300 Units Sold)
Weighted AVG	LIFO	FIFO