Problem 7 1a accounting

Pr. 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

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.
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.
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.
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.
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