Accounting

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Analyze the following scenario: The
Hospital for Ordinary Surgery uses pharmaceuticals for its patients.  It started
the year on January 1, with an inventory of 1,000 doses of an antibiotic drug
that cost $17 per dose.  On January 2, it purchased another 300 does for $21
each. From January 3 through June 30 it used 800 doses. On July 1, it bought 500
more doses at $23 each.  From July 2 through the end of the year it used 400
doses.  What is the inventory value at the end of the year, assuming FIFO?  What
is the value assuming LIFO?  Clearly label the calculations of the inventory
amounts using Excel.  Use formulas to calculate the FIFO and LIFO inventories
and format the cells to insert a comma if there is more than three numbers and
round to the nearest whole number.

Explain the advantages and disadvantages of FIFO and LIFO inventory methods
and evaluate the best inventory method is best for this scenario.

 

Submit to your instructor your two to three page Word document (not including
the title and reference pages) and your Excel worksheet. Your paper should be
formatted according to APA style as outlined in the approved APA style guide,
and you must cite at least two scholarly sources in addition to the
textbook.

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