Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 8, Problem 2R
To determine
Print the worksheet and the formulae.
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Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.
Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31?
a. P59,000
b. P57,000
c. P61,600
d. P60,210
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.
Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.?
Choices For Periodic system/FIFO Method:
a. P59,000
b. P57,000
c. P61,600
d. P60,210
Choices for Perpetual System/FIFO Method:
a. P59,000b. P57,000c. P61,600d. P60,210
USE GOOGLE SHEET
Use the template below and create your own invoice for purchased products of a VAT registered customer. The products are enumerated below with unit price at gross of VAT, a 3% discount has been given to the customer. Do all formulas required. Format the invoice for clarity.
Chapter 8 Solutions
Excel Applications for Accounting Principles
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- A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May. Instructions: Write you answers by…arrow_forwardPlease refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much. Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively? Choices for specific identification costing method: a. P59,010. b. P60, 210. c. P60,900. d. P57,000 Choices for Periodic system and LIFO method: a. P59,000. b. P57,000. c. P61,600. d. P60, 210arrow_forwardEnumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…arrow_forward
- You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…arrow_forwardPlease prepare journal entries using the Perpetual Inventory System. And also, please follow the format. Thank you and have a great day ahead!:)arrow_forwardCreate the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare any journal entries needed to process the following business events for Jethro’s Boot & Western Wear Manufacturing Company (this is a manual system).a. On October 28, 2005, the inventory subsidiary ledger for Item 2278, metal pins, indicates that the quantity on hand is 4,000 units (valued at $76), the reorder point is 4,750, and units are on order. The economic order quantity is 6,000 units. The supplier is Jed’s Metal Supply Company (vendor num- ber 83682). The customer number is 584446. The current price per unit is $0.02. Inventory records are kept at cost. The goods should be delivered to Inventory Storage Room 2.b. On November 8, the goods were received (the scales indicated that 4,737 units were received).c. On November 12, an invoice (number 9886) was received for the above units, which included freight of $6. The terms were…arrow_forward
- . Below are the purchases and sales for your business. Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method? Date Transaction Number of Units Per Unit Total Jan 3 Beginning Inventory 50 $1100 Jan 8 Purchase 100 $1300 Jan 11 Sale 80 $1800 Jan 30 Sale 50 $1900 Feb 8 Purchase 150 $900 Feb 10 Sale 30 $1500 Feb 19 Sale 20 $1750 Feb 28 Purchase 125 $1450 Mar 5 Sale 60 $1200 Mar 16 Sale 80 $1800 Mar 21 Purchase 175 $1500 Mar 28 Sale 100 $2000 FIFO Amount for purchase of inventory Units sale price Value of sale in journal entry Units Cost Units Per unit Purchase Qty Purchase Cost Total Sale Sale…arrow_forwardSpeeDIY Sdn. Bhd. is an online Do-It-Yourself (DIY) store located in Sintok that provides home delivery of DIY products purchased via the Internet. SpeeDIY uses a fully integrated accounting system and practices automated Economic Order Quantity (EOQ) model in managing its inventory. For each registered item in the inventory database, the system specifies quantity on hand and a desired quantity on hand. When the quantity on hand falls below the desired quantity on hand, a notification automatically pops up on the purchasing clerk's computer screen, alerting the clerk to reorder the item. The purchasing clerk can proceed with the reordering of items simply by checking the acceptance box. When the acceptance box is checked, the purchase order transaction file is created. In addition, the vendor is notified electronically through a transmission from the purchasing system. The purchasing clerk prepares a purchase summary report to his manager at the end of the day. SpeeDIY warehouse has…arrow_forwardSpeeDIY Sdn. Bhd. is an online Do-It-Yourself (DIY) store located in Sintok that provides home delivery of DIY products purchased via the Internet. SpeeDIY uses a fully integrated accounting system and practices automated Economic Order Quantity (EOQ) model in managing its inventory. For each registered item in the inventory database, the system specifies quantity on hand and a desired quantity on hand. When the quantity on hand falls below the desired quantity on hand, a notification automatically pops up on the purchasing clerk's computer screen, alerting the clerk to reorder the item. The purchasing clerk can proceed with the reordering of items simply by checking the acceptance box. When the acceptance box is checked, the purchase order transaction file is created. In addition, the vendor is notified electronically through a transmission from the purchasing system. The purchasing clerk prepares a purchase summary report to his manager at the end of the day. SpeeDIY warehouse has…arrow_forward
- Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CRarrow_forwardYou are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit…arrow_forwardMarvin Company has a beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 4 sets at $1.60, 6 sets at $2.20, 6 sets at $2.50, and 10 sets at $3.00. By the end of the year, 25 sets were sold.a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. (Round your answers to the nearest cent.) Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Averagearrow_forward
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