Bilodeau 6-2Astudent
.xls
School
Wilmington University**We aren't endorsed by this school
Course
BAC 101
Subject
Accounting
Date
Jan 11, 2025
Pages
6
Uploaded by ElderDangerWildcat9491
Instructions for the Microsoft Excel TemplatesDetail and information on Excel is contained within the manual.Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistantand bring up one of several help menus.Type your name into the cell to the right of the label "Name." This will be copied by formula to the rest of the pages as requType the due date of your problem into cell to the right of the label "Date."Type your instructor's name into cell to the right of the label "Instructor."Type the course identifier into cell to the right of the label "Course."The problem is identified in the text of the challenge.In "DATE" cells enter the date in any of several formats and Excel will format it correctly.If more than one page is preformatted into the problem, page breaks are preset and formulas areset to copy the header into the remaining pages.Place the proper account title in the cell where the word "ACCOUNT" appears on the template.Enter a number like 914 to signify units or gallons where the word "NUMBER" appears.Place the explanation for the entry in the cell where the word "EXPLANATION" appears on the template.Insert the account number where "ACCT #" appears on the template during posting.Insert the journal reference where "JOURN #" appears on the template during posting.Insert the title in the cell where "TITLE" appears on the template.The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.The gray filled cells define the perimeter of the problem and the print area.The problem is formatted for whole dollars with comma separations (no cents) except where required.The display may have "Freeze Pane" invoked so column titles remain visible during data entry.Negative values may be shown as ($400) vice -$400.Enter a string like: ($259,417 X 12 months) + (0.3651 X 5,434,631) where the word TEXT appears.Place the amount in the cell where the word "AMOUNT" appears on the template. A formula may be placed in some of these cells.Write a formula into cells where the word "FORMULA" appears. In these cells, an amount calculated outside of Excel can be entered into Excel if desired.
FileName: ec31856d971f524cc59f6dd614f0ddf24114a09f.xls, Tab: Problem P6-2A, Page 3 of 6, 01/11/2025, 17:08:30Name:Jennifer BilodeauDate:02/26/11Instructor:Emily J. PhillipeCourse:ACCT100 1Glanville had in beginning inventory1,500 Clooney CDs with a unit cost ofDuring March Glanville made the following purchases of Clooney CDs:Date:Quantity:Cost:Date:Quantity:Cost:Mar 53,000 $8 Mar 214,000 $10 Mar 135,500 $9 Mar 262,000 $11 During March12,500 units were sold. Glanville uses a periodic inventory system.Instructions:COST OF GOODS AVAILABLE FOR SALEDateExplanationUnitsUnit CostTotal CostMar 1Inv 03/011,500 $7 $10,500 Mar 5Purchase3,000 8 24,000 Mar 13Purchase5,500 9 49,500 Mar 21Purchase4,000 10 40,000 Mar 26Purchase2,000 11 22,000 Total16,000 $146,000 FIFO(1)Ending Inventory(2)Cost of Goods SoldDateUnitsUnit CostTotal CostCost of goods available for saleMar 262,000 $11 $22,000 Less: Ending inventoryMar 211,500 10 15,000 Cost of goods sold3,500 $37,000 Proof of Cost of Goods SoldDateUnitsUnit CostTotal CostMar 11,500$7 $10,500 Mar 53,0008 24,500 Mar 135,5009 49,500 Mar 212,50010 25,000 12,500$109,500 Accounting Principles, Ninth Edition by Weygandt, Kieso, and KimmelSolving Accounting Principles Problems Using Microsoft Excel for Windowsby Rex A SchildhouseP6-2AGlanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March,(a)Determine the cost of goods available for sale.(b)Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methodsLIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
FileName: ec31856d971f524cc59f6dd614f0ddf24114a09f.xls, Tab: Problem P6-2A, Page 4 of 6, 01/11/2025, 17:08:30Name:Jennifer BilodeauDate:02/26/11Instructor:Emily J. PhillipeCourse:ACCT100 1LIFO(1)Ending Inventory(2)Cost of Goods SoldDateUnitsUnit CostTotal CostCost of goods available for saleMar 11,500 $7 $10,500 Less: Ending inventoryMar 52,000 $8 16,000 Cost of goods sold3,500 $26,500 Proof of Cost of Goods SoldDateUnitsUnit CostTotal CostMar 262,000 $11 $22,000 Mar 214,000 10 40,000 Mar 135,500 9 49,500 Mar 51,000 8 8,000 12,500 $119,500 AVERAGE COST(1)Ending Inventory(2)Cost of Goods SoldCost of goods available for saleArea for formulaLess: Ending inventoryCost of goods soldUnitsUnit cost:Total cost:3,5009.125$31,938 (1)The cost for units is higher in later months, therefore FIFO is the highest dollar represented on the balance sheets. (2)Highest cost for goods sold is LIFO. Last in is most expensive in this scenario. (c)Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cossold for the income statement?
FileName: ec31856d971f524cc59f6dd614f0ddf24114a09f.xls, Tab: Problem P6-2A, Page 5 of 6, 01/11/2025, 17:08:301003 Win 1$7 $146,000 37,000 $109,000 s (FIFO,
FileName: ec31856d971f524cc59f6dd614f0ddf24114a09f.xls, Tab: Problem P6-2A, Page 6 of 6, 01/11/2025, 17:08:301003 Win 1$146,000 26,500 $119,500 $146,000 31,938 $114,062 st of goods