Microsoft Excel 2000 Templates - Excel by aqs16457

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									Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of
several help menus.

You should enter your name, course ID, date, and instructor's name into the cells at the top of the page.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple pages.


Each worksheet contains the identification of the problem or exercise.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance in
formating.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the value in the cell where the word "Value" or "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 can be entered. An amount
can be placed in these cells.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" 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) or -$400.

Consider using "Split" panes to assist in copy and paste of data.



                       4a23e961-7231-44f2-a05c-73b3716cd089.xls, Page 1 of 4, 7/29/20104:21 PM
Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34 contains
the data to be entered. This precludes typing and data entry errors.




                      4a23e961-7231-44f2-a05c-73b3716cd089.xls, Page 2 of 4, 7/29/20104:21 PM
     Name:                                                           Date:
 Instructor:                                                       Course:
Financial Accounting, Fifth Edition by Kimmel, Weygandt, and Kieso
Solving Financial Accounting Problems Using Microsoft Excel for Windows
                              by Rex A Schildhouse
P6-2A, Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with analysis.
Laramie Distribution markets CDs of numerous performing artists. At the beginning of March, Laramie had in
beginning inventory          2,500       CDs with a unit cost of              $7.00       During March Laramie made the
following purchases of CDs.
        Mar 5          2,000        @          $8.00                Mar 21          4,000        @       $10.00
        Mar 13         5,500        @          $9.00                Mar 26          2,000        @       $11.00
During March          13,000       units were sold. Laramie uses a periodic inventory system.

 Instructions:
(a) Determine the cost of goods available for sale.
                                       COST OF GOODS AVAILABLE FOR SALE
               Date     Explanation                      Units      Unit Cost                    Total Cost
             Date       Text                               Quantity      Amount                       Formula
             Date       Text                               Quantity      Amount                       Formula
             Date       Text                               Quantity      Amount                       Formula
             Date       Text                               Quantity      Amount                       Formula
             Date       Text                               Quantity      Amount                       Formula
                                 Total                     Formula                                    Formula

(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO,
LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Note: For average
cost, round cost per unit to three decimal places.)
       (b)(1) FIFO                                           (b)(2) FIFO
                     Ending Inventory                                           Cost of Goods Sold
                                    Unit       Total         Title                                             Amount
          Date        Units         Cost       Cost          Title                                             Amount
          Date       Quantity      Amount      Formula       Title                                            Formula
          Date       Quantity      Amount      Formula
                      Formula                  Formula

                                              Proof of Cost of Goods Sold
                                Date          Units          Unit Cost         Total Cost
                                Date            Quantity          Amount            Formula
                                Date            Quantity          Amount            Formula
                                Date            Quantity          Amount            Formula
                                Date            Quantity          Amount            Formula
                                                Formula                             Formula




                            4a23e961-7231-44f2-a05c-73b3716cd089.xls, Page 3 of 4, 7/29/20104:21 PM
      Name:                                                          Date:
 Instructor:                                                       Course:
Financial Accounting, Fifth Edition by Kimmel, Weygandt, and Kieso
    (b)(1) LIFO                                 (b)(2) LIFO
                        Ending Inventory                                         Cost of Goods Sold
                                   Unit       Total          Cost of goods available for sale                   Amount
            Date        Units      Cost       Cost           Title                                              Amount
            Date        Quantity   Amount     Formula        Title                                              Formula
            Date        Quantity   Amount     Formula
                        Formula               Formula

                                                 Proof of Cost of Goods Sold
                                    Date         Units          Unit Cost         Total Cost
                                    Date           Quantity          Amount            Formula
                                    Date           Quantity          Amount            Formula
                                    Date           Quantity          Amount            Formula
                                    Date           Quantity          Amount            Formula
                                                   Formula                             Formula

      (b)(1)       Average Cost                                    (b)(2)   Average Cost
                        Ending Inventory                                           Cost of Goods Sold
      Title                                  Amount                Title                                        Amount
      Title                                  Quantity              Title                                        Amount
      Title                                  Formula               Title                                        Formula

      Title                                  Quantity
      Title                                  Amount
      Title                                  Formula

(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods
sold for the income statement?
   (c) (1) Enter text answer here.




  (c) (2)      Enter text answer here.




                                4a23e961-7231-44f2-a05c-73b3716cd089.xls, Page 4 of 4, 7/29/20104:21 PM

								
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