Task 1: Create a 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 company’s goal is to maximize net income, which evaluation method will you use and why?
Create a from the trial balance:
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