ACC 3010 Project 2 Part 1

This project is a continuation of Project 1, KTZFIG Consulting Inc. An additional 11 months have passed since Project 1 (we are now at June 30, 2019 the companys year end). The friends have expanded the shop to include sales of gidgits as well as the consulting services activities. The new company name is KTZFIG Consulting & Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of gidgits in June. You will be recording and posting those entries. Additionally, all adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be preparing the year end multi step income statement for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the June purchases and sales under the 3 different Inventory costing methods. You need to include totals for Purchases and Cost of Goods Sold Quantity and Total Cost and must show Ending Inventory total units and total cost. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. 2. Complete the June Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post. 3. Post the June entries to the worksheet columns for the June entries and complete the Trial Balance columns of the Worksheet.

ACC 3010 proj 2 Fall 2018 Version 1 color coded-1 [Compatibility Mode] - Excel A Stefanie Mihoc Insert Draw Page Layout Formulas Data Review View Tell me what you want to do Share Cut E Copy AutoSum A General Paste 2. E : Conditional Fomat as Cell Insert Delete Format Fomatting Table Styles Sort & Find & Filter Select B 1 u Merge & Center s-% , Clear Clipboard Font Alignment Number Cells Editing 115 3 Inventory on hand at the beginning of June Units Cost Total unit Cost Purchase # 1 12 35 $420 560 S980 . Purchase2 14 40 June 2019 transactions related to buying and selling gidgit inventory 1-Jun Sold 16 gidgits at 598 each on credit -Jun Purchased 25 gidgits at a cost of S45 per gidgit on credit 15-Jun Sold 27 gidgits at $105 each on credit 20-Jun Purchased 30 gidgits at a cost of S50 per gidgit on credit 24-Jun Sold 25 gidgits at $108 each on credit 15 16 17 19 23 The PHYSICAL count of gidgit inventory on hand at June 30, 2019 shows 10 gidgits at 24 a LIFO cost of $980 25 Project InformationPurchase Sales information inv cards jes worksheet bank rec info Ready E 75%