ACCT Assignment 3

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acct300_6-04.xlsx
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Pr. 6-4

Problem 6-4 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
188
Score: 0% " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Key Code: 2 Total SUM(AV13:AV15)
Instructions 188
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
A red asterisk (*) will appear in the column to the right of an incorrect answer. Notes:
* represents an incorrect N answer
" " represents an unanswered N box - counts as an incorrect.
1. First-In, First-Out Method " " represents a correct blank answer or N answer
Total number of answers = sum of above
Model Quantity Unit Cost Total Cost 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.
101Sx
Craig Pence: Ending inventory is composed of 9 units. Place the most recently purchased units on this line and the older units on the line below.
256Br
Craig Pence: Ending inventory is composed of 8 units. Place the most recently purchased units on this line.		 Steps:
Open this sheet and macro sheet
378Wh Open old templated, then change color palet to this sheet's
590Pm Insert new header - change problem number and reformat
Copy these formulas (column AD) to new sheet.
661Qu Update to new edition's names and numbers
Copy new error check formulas. For N-boxes
828Ts =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
913Vn
Total For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))
2. Last-In, First-Out Method Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Model Quantity Unit Cost Total Cost
101Sx
256Br
378Wh
590Pm
661Qu
828Ts
913Vn
Total
3. Average Cost Method
Model Quantity Unit Cost Total Cost
101Sx
Mark Sears: Complete the schedule below and enter average costs in this column.
Craig Pence: Ending inventory is composed of 4 units. Place the "oldest" units on this line.
Craig Pence: Ending inventory is composed of 4 units. Place the most recently purchased units on this line.
256Br
378Wh
590Pm
661Qu
828Ts
913Vn
Total
Average Cost Computations:
Model Quantity Unit Cost Total Cost Model Quantity Unit Cost Total Cost
101Sx 661Qu
Totals Totals
Average cost
Mark Sears: Enter a formula dividing total cost by total quantity
Craig Pence: Ending inventory is composed of 7 units. Place the "oldest" units on this line.
Craig Pence: Ending inventory is composed of 7 units. Place the most recently purchased units on this line.
Craig Pence: Ending inventory is composed of 12 units. Place the "oldest" units on this line.		 Average cost
256BR 828Ts
Totals
Totals Average cost
Average cost 913Vn
378Wh
Totals
Average cost
Totals
Average cost
590Pm
Totals
Average cost
4. a. Enter your response below.
During periods of rising prices, the FIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of rising prices, the LIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of rising prices, the Average Cost method will result in a lesser amount of net income and would be preferred for income tax purposes.
4. b. Enter your response below.
During periods of declining prices, the FIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of declining prices, the LIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of declining prices, the Average Cost method will result in a lesser amount of net income and would be preferred for income tax purposes.

sol.

Problem 6-4 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: SOLUTION 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
Score: See student sheet for student's score 3
Scoring: ON " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
172
Total SUM(AV13:AV15)
Instructions 175
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 98%
A red asterisk (*) will appear in the column to the right of an incorrect answer. Notes:
* represents an incorrect N answer
" " represents an unanswered N box - counts as an incorrect.
1. First-In, First-Out Method " " represents a correct blank answer or N answer
Total number of answers = sum of above
Model Quantity Unit Cost Total Cost 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.
101Sx 6
Craig Pence: Ending inventory is composed of 9 units. Place the most recently purchased units on this line and the older units on the line below.		 $ 225 $ 1,350
3 222 666
256Br 4
Craig Pence: Ending inventory is composed of 8 units. Place the most recently purchased units on this line.		 140 560 Steps:
4 130 520 Open this sheet and macro sheet
378Wh 4 317 1,268 Open old templated, then change color palet to this sheet's
590Pm 2
Craig Pence: Ending inventory is composed of 4 units. Place the most recently purchased units on this line.		 535 1,070 Insert new header - change problem number and reformat
2 530 1,060 Copy these formulas (column AD) to new sheet.
661Qu 6
Craig Pence: Ending inventory is composed of 7 units. Place the most recently purchased units on this line.		 542 3,252 Update to new edition's names and numbers
1 549 549 Copy new error check formulas. For N-boxes
828Ts 2 232 464 =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
913Vn 12 39 468
Total $ 11,227 For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))
2. Last-In, First-Out Method Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Model Quantity Unit Cost Total Cost
101Sx 9 $ 213 $ 1,917
256Br 8 120 960
378Wh 4 305 1,220
590Pm 2
Craig Pence: Ending inventory is composed of 4 units. Place the "oldest" units on this line.		 520 1,040
2 527 1,054
661Qu 6
Craig Pence: Ending inventory is composed of 7 units. Place the "oldest" units on this line.		 520 3,120
1 531 531
828Ts 2 222 444
913Vn 8
Craig Pence: Ending inventory is composed of 12 units. Place the "oldest" units on this line.		 35 280
4 36 144
Total $ 10,710
3. Average Cost Method
Model Quantity Unit Cost Total Cost
101Sx 9 $ 218
Mark Sears: Complete the schedule below and enter average costs in this column.
Craig Pence: Ending inventory is composed of 4 units. Place the "oldest" units on this line.
Craig Pence: Ending inventory is composed of 4 units. Place the most recently purchased units on this line.		 $ 1,962
256Br 8 126 1,008
378Wh 4 311 1,244
590Pm 4 528 2,112
661Qu 7 534 3,738
828Ts 2 227 454
913Vn 12 37 444
Total $ 10,962
Average Cost Computations:
Model Quantity Unit Cost Total Cost Model Quantity Unit Cost Total Cost
101Sx 9 $ 213 $ 1,917 661Qu 6 $ 520 $ 3,120
7 215 1,505 8 531 4,248
6 222 1,332 4 549 2,196
6 225 1,350 6 542 3,252
Totals 28 $ 6,104 Totals 24 $ 12,816
Average cost $ 218
Mark Sears: Enter a formula dividing total cost by total quantity
Craig Pence: Ending inventory is composed of 7 units. Place the "oldest" units on this line.
Craig Pence: Ending inventory is composed of 7 units. Place the most recently purchased units on this line.
Craig Pence: Ending inventory is composed of 12 units. Place the "oldest" units on this line.		 Average cost $ 534
256BR 20 $ 120 $ 2,400 828Ts 4 $ 222 $ 888
12 130 1,560 4 232 928
4 130 520 Totals 8 $ 1,816
4 140 560
Totals 40 $ 5,040 Average cost $ 227
Average cost $ 126 913Vn 8 $ 35 $ 280
12 36 432
16 37 592
378Wh 6 $ 305 $ 1,830 14 39 546
3 310 930 Totals 50 $ 1,850
3 316 948
4 317 1,268 Average cost $ 37
Totals 16 $ 4,976
Average cost $ 311
590Pm 2 $ 520 $ 1,040
2 527 1,054
2 530 1,060
2 535 1,070
Totals 8 $ 4,224
Average cost $ 528
4. a. Enter your response below.
During periods of rising prices, the LIFO method will result in a lesser amount of net income and would be preferred for income tax purposes. During periods of rising prices, the FIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of rising prices, the LIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of rising prices, the Average Cost method will result in a lesser amount of net income and would be preferred for income tax purposes.
4. b. Enter your response below.
During periods of declining prices, the FIFO method will result in a lesser amount of net income and would be preferred for income tax purposes. During periods of declining prices, the FIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of declining prices, the LIFO method will result in a lesser amount of net income and would be preferred for income tax purposes.
During periods of declining prices, the Average Cost method will result in a lesser amount of net income and would be preferred for income tax purposes.