Florida National University Week 5 Accounting Excel Sheet and Multiple Choices using the attached excel templates. for 4 exercises from Book name Accountin

Florida National University Week 5 Accounting Excel Sheet and Multiple Choices using the attached excel templates. for 4 exercises from Book name Accounting Warren/Reeve/Duchac 26 edition

plus some multiple choices questions

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Florida National University Week 5 Accounting Excel Sheet and Multiple Choices using the attached excel templates. for 4 exercises from Book name Accountin
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each excel has the exercise #

EX 7-15 Page 356

EX 7-6 Page 354

PR 7-1 A Page 358

PR 7-2 A Page 359

individual

you have to get more than 90% in each attached excel templates, which is shown in red in the upper right corner of each excel exercise QUESTION 1
1. Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid
fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a
new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15,
17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt
at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the
value of inventory as of June 30 under the FIFO method?
a. $31.25
b. $30.00
c. $57.50
d. $60.00
2 points
QUESTION 2
1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid
fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a
new shipment came in with 25 more yards at a cost of $2.25 per yard on June 5; on June 15,
17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt
at a cost of $2.50 per yard on June 19; on June 27, 6 more yards had been sold. No
inventory was on hand at the beginning of the month. What is the cost of merchandise sold
and cost of inventory under the FIFO method for June?
a. $45.00;
$30.00
b. $95.00;
$73.75
c. $67.50;
$101.25
d. $101.25;
$67.50
2 points
QUESTION 3
1. Merchandise inventory is reported on the balance sheet in the section titled:
a. Current
b. Plant
Liabilities.
Assets.
c. Current
Assets.
d. Owner’s
Equity.
2 points
QUESTION 4
1. The formula to calculate inventory turnover is:
a. Cost
of merchandise sold/Ending inventory.
b. Average
inventory/Cost of merchandise sold.
c. Beginning
d. Cost
inventory/Cost of merchandise sold.
of merchandise sold/Average inventory.
2 points
QUESTION 5
1. Under the periodic inventory system, Village Fabrics purchases navy plaid fabric used in its
fabric-selling business in the following lots: June 5 – 4 yards at $2.50 per yard, June 12 – 7
yards at $3.00 per yard, June 17 – 8 yards at $3.50 per yard. What is the periodic average
cost of the fabric per yard?
a. $2.50
per yard
b. $3.11
per yard
c. $3.00
per yard
d. $3.05
per yard
2 points
QUESTION 6
1. Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid
fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a
new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15,
17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt
at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the
value of inventory as of June 30 under the LIFO method?
a. $31.25
b. $60.00
c. $50.00
d. $56.25
2 points
QUESTION 7
1. Which statement about inventory costing methods is TRUE?
a. All
statements are true.
b. During
periods of rising prices, using FIFO offers an income tax savings.
When LIFO is used during a period of rising prices, the company’s gross profit will be
c.
higher.
d. If the cost of units does not change, all three methods will yield the same results.
2 points
QUESTION 8
1. During the taking of a physical inventory on December 31, 2012, inventory was counted as
$100,870 instead of the correct amount of $100,780. The effect of the error on the
December 31, 2012 balance sheet and income statement will be:
a. ending
inventory will be overstated; net income will be overstated.
b. ending
inventory will be understated; cost of merchandise sold will be overstated.
c. ending
inventory will be overstated; cost of merchandise sold will be overstated.
d. ending
inventory will be understated; gross profit will be overstated.
2 points
QUESTION 9
1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid
fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid, a
new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5, on June 15,
17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt
at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the
value of inventory as of June 30 under the FIFO method?
a. $31.25
b. $35.00
c. $75.00
d. $71.25
2 points
QUESTION 10
1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid
fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a
new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15,
17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt
at a cost of $1.00 per yard on June 19; on June 27, 11 more yards had been sold. What is the
value of inventory as of June 30 under the LIFO method?
a. $31.25
b. $25.00
c. $35.00
d. $30.00
Exercise 7-6
Name:
Section:
Score:
Key Code:
Karel Vidal
EX 07-06
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
Prepaid Cell Phones
Date
May 1
10
Quantity
500
12
14
20
31
31
Balances
Purchases
Unit
Cost
$50
Total
Cost
$
25,000
Cost of Merchandise Sold
Unit
Total
Quantity
Cost
Cost
Quantity
1,550
775
Inventory
Unit
Total
Cost
Cost
$44
$ 68,200
$44
Exercise 7-15
Name:
Section:
Score:
Key Code:
Karel Vidal
EX 7-15
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Commodity
Ash
Aspen
Beech
Maple
Oak
Total
Inventory
Quantity
Cost
per
Unit
80
120
30
75
60
$140
90
75
88
140
Market
Price
per Unit
$125
112
74
86
145
Total
Cost
Market
Lower of
C or M
Problem 7-1A
Name:
Section:
Score:
Key Code:
Karel Vidal
PR 7-1A
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
1.
Date
Jan. 1
10
28
30
Feb. 5
10
16
28
Mar. 5
14
25
Quantity
Purchases
Unit
Cost
Total
Cost
Cost of Merchandise Sold
Unit
Total
Quantity
Cost
Cost
Quantity
2.500
Inventory
Unit
Cost
$60,00
Total
Cost
$ 150.000
30
31
Balances
2.
JOURNAL
Description
3.
Gross profit for the sales period
4.
Ending inventory cost
5.
Inventory under LIFO would be
Debit
Credit
Problem 7-2A
Name:
Section:
Score:
Key Code:
Karel Vidal
PR 7-2A
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
1.
Date
Jan. 1
10
28
30
Feb. 5
10
16
28
Quantity
Purchases
Unit
Cost
Total
Cost
Cost of Merchandise Sold
Unit
Total
Quantity
Cost
Cost
Quantity
2,500
Inventory
Unit
Total
Cost
Cost
$60.00
$ 150,000
Mar. 5
14
25
30
31
Balances
2.
Total sales
Total cost of goods sold
Gross profit
3.
Ending inventory cost

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