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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 AssignmentBrian 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.Part 1Beginning inventoryJan 1: 400 units @ $10 eachPurchasesJan 10: 300 units @$12 eachJan 15: 200 units @$15 eachSalesJan 5: 200 units @ $15 eachJan 12: 200 units @ $20 eachJan 18: 100 units @ $25 eachEnding inventoryJan 31: 400 unitsPart 22010Costs incurred during the year600000Estimated costs to complete as of Dec 31900000Billings during the year400000Collections during the year300000
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