merchandising and inventory

Project Description:

this task supports the following outcomes:

• examine essential accounting principles and their relationship to business performance.
• value business efficiencies created by solid accounting practices.

max sells gourmet dog bones in his store which he buys in boxes for resale to dog bone dealers around the state. he started the month with 80 boxes with a total cost of $2,400. during the he made the following transactions:
• purchased 130 boxes at a cost of $35 per box
• sold 190 boxes at $60 each
• purchased 120 boxes at a cost of $40 per box
• sold 130 boxes at $70 per box

max uses a lifo cost and a perpetual inventory method in his business. during the month, max incurred operating expenses of $3,000.

using the excel worksheet provided, complete the following:
1. using the information from the 4 transactions given, complete the perpetual inventory sheet on tab 1.
2. complete the required journal entries for each of the 4 transactions on tab 2.
3. complete a multi-step income statement from the above information on tab 3.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
Total Proposals: 1
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