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Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
Key Assignment Draft
Brian Miller is an entrepreneur. He started a small-town friendly grocery store. People stopped by his store to pick up things they did not want to run to the regular grocery store for. In 3 years, because of popular demand, he started adding more items on his shelf and pretty soon, he had grown into a regular grocery store. People loved his store because he knew everyone by their first name and would try to fulfill everyone's requests. He now needs some help with his inventory. He hired a CPA firm that would give him some advice on how he should maintain his inventory.
You are his CPA. You want to give Brian an overview on the inventory system, some different methods of recording cost of goods sold, and educate him on the accounting side of recording inventory and recording cost of goods sold.
Jan 1: 400 units @ $10 each
Jan 10: 300 units @$12 each
Jan 15: 200 units @$15 each
Jan 5: 200 units @ $15 each
Jan 12: 200 units @ $20 each
Jan 18: 100 units @ $25 each
Jan 31: 400 units
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