ACC 3010 Project 2 Spring Summer 2018 This project will be submitted in 3 parts.
ID: 2411145 • Letter: A
Question
ACC 3010
Project 2
Spring Summer 2018
This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:
Submission 1 - due Saturday June 16 before 5pm - You must submit your completed March Journal entries, your completed Inventory Cards for all 3 Inventory costing methods, and the Worksheet complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 2 part 1. Failure to name your file correctly will result in a 1 point deduction
1. Complete the Perpetual Inventory card worksheets to reflect the March purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.
2. Complete the March Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.
3. Post the March entries to the worksheet columns for the March entries and complete the Trial Balance columns of the Worksheet.
Inventory Information
Inventory on hand at the beginning of October:
Units Cost / unit Total Cost
Purchase # 1 10 50 $500
Purchase # 2 35 60 2,100
45 $2,600
March 2018 transactions related to buying and selling doodad inventory
1-Mar Sold 25 doodads at $115 each on credit
3-Mar Purchased 40 doodads at a cost of $70 per doodad on credit
15-Mar Sold 30 doodads at $125 each on credit
20-Mar Purchased 25 doodads at a cost of $80 per doodad on credit
24-Mar Sold 35 doodads at $140 each on credit
The PHYSICAL count of doodad inventory on hand at March 31, 2018 shows 18 doodads at a LIFO cost of $980.
#NAME?
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018
Adjusting
Part Adj T/B
March Jes
Trial
Balance
& Bank Rec
Jes
Adusted TB
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
$253,560
Accounts Receivable
146,800
Allowance for Uncollectible Accounts
$2,569
Supplies
85,650
Inventory
2,600
Prepaid Insurance
16,800
Land
50,000
Building
125,500
Accumulated Depr – Building
5,670
Computer equipment
52,950
Accumulated Depr – Comp Equip
1,750
Office Furniture
85,960
Accumulated Depr - Office Furniture
890
Accounts Payable
48,526
Interest Payable
3,200
Utilities Payable
8,952
Wages Payable
98,505
Long term Note Payable
90,000
Mortgage Payable
60,000
Common Stock
400,000
Retained Earnings
106,468
Dividends
4,000
Service Revenue
345,650
Tablet Sales Revenue
210,250
Cost of Goods Sold
165,850
Bad Debt Expense
Depreciation Expense – Building
1,350
Depreciation Expense - Computer Equip
890
Depreciation Expense - Office Furn
650
Interest Expense
3560
Insurance Expense
38,950
Supplies expense
72,860
Bank fee (expense)
Utilities Expense
75,900
Wage Expense
198,600
TOTALS
$1,382,430
$1,382,430
$0
ACC 3010
Project 2
Spring Summer 2018
This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:
Submission 1 - due Saturday June 16 before 5pm - You must submit your completed March Journal entries, your completed Inventory Cards for all 3 Inventory costing methods, and the Worksheet complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 2 part 1. Failure to name your file correctly will result in a 1 point deduction
1. Complete the Perpetual Inventory card worksheets to reflect the March purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.
2. Complete the March Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.
3. Post the March entries to the worksheet columns for the March entries and complete the Trial Balance columns of the Worksheet.
Inventory Information
Inventory on hand at the beginning of October:
Units Cost / unit Total Cost
Purchase # 1 10 50 $500
Purchase # 2 35 60 2,100
45 $2,600
March 2018 transactions related to buying and selling doodad inventory
1-Mar Sold 25 doodads at $115 each on credit
3-Mar Purchased 40 doodads at a cost of $70 per doodad on credit
15-Mar Sold 30 doodads at $125 each on credit
20-Mar Purchased 25 doodads at a cost of $80 per doodad on credit
24-Mar Sold 35 doodads at $140 each on credit
The PHYSICAL count of doodad inventory on hand at March 31, 2018 shows 18 doodads at a LIFO cost of $980.
#NAME?
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018
Adjusting
Part Adj T/B
March Jes
Trial
Balance
& Bank Rec
Jes
Adusted TB
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
$253,560
Accounts Receivable
146,800
Allowance for Uncollectible Accounts
$2,569
Supplies
85,650
Inventory
2,600
Prepaid Insurance
16,800
Land
50,000
Building
125,500
Accumulated Depr – Building
5,670
Computer equipment
52,950
Accumulated Depr – Comp Equip
1,750
Office Furniture
85,960
Accumulated Depr - Office Furniture
890
Accounts Payable
48,526
Interest Payable
3,200
Utilities Payable
8,952
Wages Payable
98,505
Long term Note Payable
90,000
Mortgage Payable
60,000
Common Stock
400,000
Retained Earnings
106,468
Dividends
4,000
Service Revenue
345,650
Tablet Sales Revenue
210,250
Cost of Goods Sold
165,850
Bad Debt Expense
Depreciation Expense – Building
1,350
Depreciation Expense - Computer Equip
890
Depreciation Expense - Office Furn
650
Interest Expense
3560
Insurance Expense
38,950
Supplies expense
72,860
Bank fee (expense)
Utilities Expense
75,900
Wage Expense
198,600
TOTALS
$1,382,430
$1,382,430
$0
Explanation / Answer
FIFO METHOD Purchases Sales Balance Date Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Beginning Balance 10 $50 $500 35 $60 $2,100 .1 March Sales 10 $50 $500 15 $60 $900 20 $60 $1,200 .3 March Purchase 40 $70 $2,800 20 $60 $1,200 40 $70 $2,800 .15 march Sales 20 $60 $1,200 10 $70 $700 30 $70 $2,100 .20 March Purchase 25 $80 $2,000 30 $70 $2,100 25 $80 $2,000 .24 March Sales 30 $70 $2,100 5 $80 $400 20 $80 $1,600 LIFO METHOD Purchases Sales Balance Date Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Beginning Balance 10 $50 $500 35 $60 $2,100 .1 March Sales 25 $60 $1,500 10 $50 $500 10 $60 $600 .3 March Purchase 40 $70 $2,800 10 $50 $500 10 $60 $600 40 $70 2800 .15 march Sales 30 $70 $2,100 10 $50 $600 10 $60 $600 10 $70 $700 .20 March Purchase 25 $80 $2,000 10 $50 $600 10 $60 $600 10 $70 $700 25 $ 80 2000 .24 March Sales 25 $80 $600 10 $50 $700 10 $70 $700 10 $60 $600 WEIGHTED AVERAGE METHOD Purchases Sales Balance Date Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount Beginning Balance 45 $58 $2,600 (Rate=2600/45) .1 March Sales 25 $58 $1,444 20 $58 $1,156 .3 March Purchase 40 $70 $2,800 60 $66 $3,956 Rate=3956/60) .15 march Sales 30 $66 $1,978 30 $66 $1,980 .20 March Purchase 25 $80 $2,000 55 $72 $3,980 (Rate=3980/55) .24 March Sales 35 $72 $2,533 20 $72 $1,447
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