1. Northern Sportsis the company we will use for our second project.Project 2 follows a similar pattern to Project 1.However, Northern Sports is a merchandising company so there is an emphasis on inventory records.
2. Theproject begins on page 597of your textbook.You will complete the step by step instructions and use your documents to answer the questions onpage 614of your textbook.

Project 2: Sports Authority 607 Inventory 1. Set up the following inventory defaults. On the General Tab select Stock item as the Default Item Class. 2. Click on the GL Accts/Costing tab. Set up LIFO as the inventory costing method. 3. Set up the following Inventory items. Item ID: mbikes Description: mountain bikes Item Class: Stock item Description for Sales: mountain bikes Price Level 1: 300.00 Last Unit Cost: 150.00 Cost Method: LIFO GL Sales Acct: 40000 Sales-Mountain Bikes GL Inventory Acct: 12000, Merchandise Inventory-Mountain Bikes GL Cost of Sales Acct: 50000, Cost of Sales-Mountain Bikes Item Tax Type Item Type: mountain Stocking U/M: each Minimum Stock: 10 Reorder Quantity: 5 Preferred Vendor ID: ABC Mountain Bikes Beginning Balances: mountain bikes Quantity: 40.00 Unit Cost: 150.00 Total Cost: 6,000.00 Item ID: rbikes Description: road bikes Item Class: Stock item Description for Sales: road bikes Price Level 1: 150.00 Last Unit Cost: 75.00 Cost Method: LIFO The McGraw-Hill Companies, Inc., Computer Accounting wim Sage 50 Complete Accounting 2015, The