a AutoSave ACC7301 Assignment 2_ 2019 (1).xlsx v P Search (Alt+Q) Rebecca McGregor ' lj X File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat U Comments 9 v E'I'l] A Calibrl v 11 v AA Av E E E] I v g3 Custom Conditional Formatting V E insert V Z V 2? V E G V Paste [l3 " B I U v (I), v A v E E v $ V 0/0 , @ Format as Table V E Delete v V ,0 V Analyze 1;?\" m' H V _ _ _ -_ {7,8 L98 Cell Styles V E Format V O v Data \\ Undo Clipboard IE Font IS: Alignment Er Number Styles Cells Editing Analysis Sensitivity V N21 v E X \\/ : v B C D E F G H J K L M N O P Q R ' 1 Retail Method of Estimating Inventory 11 marks Your Score 2 3 The records of Earthly Goods provided the following information for the year ended December 21 2020 4 5 6 At Cost At Retail 7 January 1 beginning inventory 5 942,700 $ 1,854,300 S Purchases $ 6,657,660 $ 12,797,400 9 Purchase returns 5 105,600 5 238,700 10 Sales 55 10,991,400 11 Sales Returns $ 89,200 12 13 14 15 Required: 16 Prepare an estimate of the company's year end inventory using the retail method. 17 18 19 29 .11. v l Rubric l Question 1 Question 2 Question 3 l Question 4 l Question 5 l Question 6 l G) 1 D Ready 5% AccessibiIiny: Investigate |_ E 7 I + 100% X ACC7301 Assignment 2_ 2019 (1).xlsx V Search (Alt+Q) Rebecca McGregor X AutoSave Off Share File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat Comments General Conditional Formatting Insert Calibri 11 ~ A A $ v % Format as Table x Delete Analyze Sensitivity Paste BIUVV E E = .OC Cell Styles v Format Data Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Undo R19 v : X V fx D E F G H M N O P Q R S T U V B C Lower of Cost and Net Realizable Vale 10 marks Your score W N Showtime Company's ending inventory at December 31, 202 includes the following items: Units on Net Realizable Product Hand Unit Cost Value per Unit Co 10 BB 22 100 108 11 FM 15 156 144 12 MB 36 190 182 13 SL 40 72 87 14 15 16 17 Calculate the LCNRV for the inventory on an itemized product basis and the total 18 19 20 Units on Net Realizable LCNRV LCNRV 21 Product Hand Unit Cost Value per Unit per unit Total 22 Rubric Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 + - - + 90% Ready Ex Accessibility: Investigate 5:40 PM Type here to search O MO 24 C Partly sunny ENG 2022-07-26ACC7301 Assignment 2_ 2019 (1).xIsx V Search (Alt+Q) X X AutoSave Off Rebecca McGregor Comments Share File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat General Conditional Formatting Insert Calibri 11 ~A A $ v % Format as Table x Delete V V O v Analyze Sensitivity Paste B I U VA E E .OC Cell Styles v Format Data Undo Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity $52 v : XVfx A B C D E F G H K M N O P Q R S FIFO and Moving Weighted Average 24 marks Your score N Trout Company used a perpetual inventory sytstem and made purchases and sales of a particular product in 2020 as follows: 01-Jan Beginning Inventory 120 units @ $ 6.00 10-Jan Sold 70 units @ $ 15.00 07-Mar Purchased 250 units @ 5.60 15-Mar Sold 125 units @ $ 15.00 28-Jul Purchased 500 units @ $ 5.00 03-Oct Purchased 450 units @ $ 4.60 05-Oct Sold 600 units @ $ 15.00 Required Calculate the ending inventory and the cost of goods sold using FIFO and Moving Weighted Average 16 marks 18 FIFO 19 Purchased Cost of Sales Ending Inventory 20 Date Qty Price Total Qty Cost Total Qty Cost Total 21 22 Rubric Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 + + 100% Ready EO Ex Accessibility: Investigate - - 5:41 PM Type here to search O 24 C Partly sunny ENG 2022-07-26X AutoSave Off ACC7301 Assignment 2_ 2019 (1).xIsx V Search (Alt+Q) Rebecca McGregor X File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat Comments Share General Calibri 11 ~ A A Conditional Formatting Insert $ v % x Delete Paste Format as Table B IUV VA E E = Analyze Sensitivity .OC Cell Styles v Format D Data Undo Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity D24 v : X V fx B C D E F G H K L M N O P Q R S T U V W X Petty Cash 8 marks Your score N N The James company wants you to establish a petty cash find and replenish it at the end of the month. You are provided with the following: 02-Jul $100 petty cash fund is established 31-Jul Theses vouchers existed Donations $ 20.00 Postage $ 18.00 Supplies $ 25.00 Miscellaneous $ 25.00 There was $15.00 remaining in the fund on July 31 Required: Record the entry to create the fund, and to replenish it, then one to increase the fund by $50 21 22 Date Debit Credit 23 24 01-Jul 25 26 27 31-Jul Rubric Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 + Ready Ex Accessibility: Investigate - - + 80% Type here to search O 5:41 PM 24 C Partly sunny ENG 2022-07-26a AutoSave E ACC7301 Assignment 2_ 2019 (1).xlsx v P Search (Alt+Q) Rebecca McGregor ' lj X File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat U Comments '9 v E'I'l] A Calibri v 11 v AA Av E E E] I v g3 General v m Conditional Formatting V E insert V Z V 2? V E G V Paste [l3 " I 9 v (I), v A v g g v $ V 0/0 , @ FormatasTableV ES Delete v V ,0 V Analyze 1;?\" mm V _ {7,8 L98 Cell Styles V E Format V O v Data \\ Undo Clipboard IE Font IS: Alignment Er Number | Styles Cells Editing Analysis Sensitivity V 511 v E X \\/ : v C D E F G H | J K L M N O Q R S T U ' 2 Bank Reconcilation 19 marks Your score ' 3 4 As the bookkeeper of Rose Company of Drumheller, you received the bank statement from TD Canada Trust 5 indicating a balance of $5,820. The ending book balance wad $6,321. The following information was available 6 7 Deposits in transit were $2,875 8 Bank service charges were $24 9 Cheques outstanding: No. 111, $478, No. 115, $1,147 'ICL TD collected a note for Rose, $1,770 and charged you a $12 collection fee 1L NSF cheque $525 was on the bank statement . 12 Rose company records cheque No. 107 as $900 for this months rent but the bank withdrew the correct amount on the cheque: $800 13 The bank made an error by deducting $560 to your account that was not one of your cheques 14 15 Required: 16 17 Prepare a bank reconcilation AND any necessary journal entries 18 13 marks 6 marks 19 Date Debit Credit M 20 21 7? ' l Rubric l Question 1 l Question 2 l Question 3 l Question 4 l Question 5 Question 6 G) E 1 D Ready 5% m Accessibility: Investigate l_ E 7 I + 100% X X AutoSave Off ACC7301 Assignment 2_ 2019 (1).xlsx V Search (Alt+Q) Rebecca McGregor File Home Insert Draw Page Layout Formulas Data Review View Developer Help Acrobat Comments Share General Conditional Formatting Insert Calibri 11 ~A A $ v % Format as Table x Delete V V O v Analyze Sensitivity Paste BIUvv MVA E E .OC Cell Styles Format Data Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Undo 020 v : X fx A B D E F G H K M N O P Q R 10 marks Your Score: N Gross Margin Method of Estimating Inventory Alanood Company wants to prepare interim financial statements for the first quarter 2020 but would like to avoid making a phusical count of inventory. During the last five years the compan's gross profit rate averaged 36%. The following information for the years first quarter is avalable from its records: January 1 beginning inventory 150,130 Purachses 472,600 Purachse returns 6,525 11 Transportation in 3,450 12 Sales 595,575 13 Sales returns 4,725 14 15 16 Required: 17 18 Use the gross profit method to prepare an estimate of the company's March 31 inventory. 19 20 21 22 Rubric Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 + - - + 100% Ready Ex Accessibility: Investigate 5:39 PM Type here to search O GA 24 C Partly sunny ENG 2022-07-26