Problem 7-1A - due in 24 hours
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WRD27e_PR07-1A.xlsxPr. 7-1A
| Problem 7-1A | # Incorrect N-box and B-box entries COUNTIF(B15:G24,"~*") | ||||||||
| Name: | 0 | ||||||||
| Section: | # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") | ||||||||
| 28 | |||||||||
| Score: | 0% | # N-box +B-box corrects COUNTIF(B15:AT24," ") | |||||||
| 0 | |||||||||
| Key Code: | [Key code here] | Total SUM(AD13:AD15) | |||||||
| Instructions | 28 | ||||||||
| Answers are entered in the cells with gray backgrounds. | Percentage =(AD16-AD13-AD14)/AD16 | ||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | ||||||||
| An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost - Column K - will be graded. | Notes: | ||||||||
| 1. | Date | Purchases | Cost of Merchandise Sold | Inventory | If number-entry or blank-entry box is incorrect, returns "*" | ||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | If number-entry or blank-entry box is correct, returns single space, " " |
| Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. | |||||||||
| Jan. 1 | 7,500 | $75.00 | $ 562,500 | Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. | |||||
| 10 |
cpence: Place the earliest units first, above the units that were received later. | ||||||||
| 28 | |||||||||
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cpence: Place the earliest units first, above the units that were received later. | |||||||||
| 30 | |||||||||
| Feb. 5 | |||||||||
| 10 |
cpence: Place the earliest units first, above the units that were received later. | ||||||||
| 16 | |||||||||
| 28 | |||||||||
| Mar. 5 | |||||||||
| 14 | |||||||||
| 25 | |||||||||
| 30 | |||||||||
| 31 | Balances |
cpence: Enter the total of column H, the total cost of merchandise sold. |
cpence: Enter the ending inventory balance. | ||||||
| 2. | JOURNAL | ||||||||
| Description | Debit | Credit | |||||||
| Sales | |||||||||
|
cpence: Record the credit sale in this entry. Select the accounts from the drop-down list. | Accounts Receivable | ||||||||
| Merchandise Inventory | |||||||||
| Cost of Merchandise Sold | |||||||||
|
cpence: Record the cost of the goods sold in this entry. | |||||||||
| 3. | |||||||||
| Gross profit for the sales period | |||||||||
| 4. | |||||||||
| Ending inventory cost | |||||||||
| 5. | |||||||||
| Inventory under LIFO would be | |||||||||
Sol
| Problem 7-1A | ||||||||
| Name: | Solution | |||||||
| Section: | ||||||||
| Scoring: | ON | |||||||
| 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 | Purchases | Cost of Merchandise Sold | Inventory | ||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| Jan. 1 | 7,500 | $75.00 | $ 562,500 | |||||
| 10 | 22,500 | $85.00 | $1,912,500 | 7,500 | $75.00 | $ 562,500 cpence: Place the earliest units first, above the units that were received later. |
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| 22,500 | $85.00 | 1,912,500 | ||||||
| 28 | 7,500 | $75.00 | $ 562,500 cpence: Place the earliest units first, above the units that were received later. |
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| 3,750 | $85.00 | $ 318,750 | 18,750 | $85.00 | $ 1,593,750 | |||
| 30 | 3,750 | $85.00 | $ 318,750 | 15,000 | $85.00 | $ 1,275,000 | ||
| Feb. 5 | 1,500 | $85.00 | $ 127,500 | 13,500 | $85.00 | $ 1,147,500 | ||
| 10 | 54,000 | $87.50 | $4,725,000 | 13,500 | $85.00 | $ 1,147,500 cpence: Place the earliest units first, above the units that were received later. |
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| 54,000 | $87.50 | 4,725,000 | ||||||
| 16 | 13,500 | $85.00 | $ 1,147,500 | |||||
| 13,500 | $87.50 | 1,181,250 | 40,500 | $87.50 | $ 3,543,750 | |||
| 28 | 25,500 | $87.50 | $ 2,231,250 | 15,000 | $87.50 | $ 1,312,500 | ||
| Mar. 5 | 45,000 | $89.50 | $4,027,500 | 15,000 | $87.50 | $ 1,312,500 | ||
| 45,000 | $89.50 | 4,027,500 | ||||||
| 14 | 15,000 | $87.50 | $ 1,312,500 | |||||
| 15,000 | $89.50 | 1,342,500 | 30,000 | $89.50 | $ 2,685,000 | |||
| 25 | 7,500 | $90.00 | $675,000 | 30,000 | $89.50 | $ 2,685,000 | ||
| 7,500 | $90.00 | 675,000 | ||||||
| 30 | 26,250 | $89.50 | $ 2,349,375 | 3,750 | $89.50 | $ 335,625 | ||
| 7,500 | $90.00 | 675,000 | ||||||
| 31 | Balances | $ 10,891,875 cpence: Enter the total of column H, the total cost of merchandise sold. | $ 1,010,625 cpence: Enter the ending inventory balance. |
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| 2. | JOURNAL | |||||||
| Description | Debit | Credit | ||||||
| Sales | ||||||||
| Accounts Receivable cpence: Record the credit sale in this entry. Select the accounts from the drop-down list. | 19,875,000 | Accounts Receivable | ||||||
| Sales | 19,875,000 | Merchandise Inventory | ||||||
| Cost of Merchandise Sold | ||||||||
| Cost of Merchandise Sold cpence: Record the cost of the goods sold in this entry. | 10,891,875 | |||||||
| Merchandise Inventory | 10,891,875 | |||||||
| 3. | ||||||||
| Gross profit for the sales period | $8,983,125 | |||||||
| 4. | ||||||||
| Ending inventory cost | $1,010,625 | |||||||
| 5. | ||||||||
| Inventory under LIFO would be | lower | |||||||
