This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:

Submission 1 (9 points) - due Saturday February 24 before 5pm - You must submit your completed October 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

Submission 2 (6 points) - due Saturday March 3 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns completed, and the Worksheet formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 2 part 2. Failure to name your file correctly will result in a 1 point deduction

Submission 3 (15 points) - due Saturday March 10 before 5pm - You must submit your total excel file which must include all Journal entries, trial balances, the worksheet and the financial statements and formulas to the correct assignments link on the class Canvas site. Your file must be named correctly - "Your name (first and last) Project 2 part 3. Failure to name your file correctly will result in a 1 point deduction

Because you will need to complete Part 1 to be able to complete Part 2 and complete Parts 1 & 2 to complete Part 3 you may earn partial credit for a Part of the Project that you did NOT submit in a timely fashion when you submit the subsequent part of the project.

For example, if you do not complete and submit Part 1 of the project by the due date you will lose the 9 points alloccated to that part of the project. If you complete that part of the project and submit it along with your completed Part 2 of the project in a timely manner, you may earn up to 4.5 points partial credit for part 1.

NAME

ACCESS ID

This project is a continuation of Project 1, NFT Consulting Inc. An additional 11 months have passed since Project 1 (we are now at October 31, 2018 the companys year end). The friends have expanded the shop to include sales of widgets as well as the consulting services activities. The new company name is NFT Consulting and 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 widgets in October. 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 financial statements 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 October 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 October Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the FIFO costing method and post.

3. Post the October entries to the worksheet columns for the October entries and complete the Trial Balance columns of the Worksheet.

4. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries.

5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet.

6. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance.

8. Prepare the 3 financial statements for the year ended October 31, 2017 (multi step income statement, classified balance sheet, and statement of retained earnings). Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.

9. Copy the Inventory Cards from the Inventory Cards tab to the Inventory Cards formulas tab, The Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements formulas tab. Highlight the entire inventory cards/worksheet/financial statements area respecively and press the "ctrl" key and the "~" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed.

10. Each student must submit an ORIGINAL excel file to the assignment link in Canvas. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. Just changing the font size or orientation/placement is not really an "original effort".

11. Make sure that your columns are wide enough so that the numbers are displayed (not #####) when you submit your. If numbers do not display this will result in a deduction.

This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are indicated below.

Submissions will NOT be accepted via email attachment. Submission to other than the correct link on Canvas will result in a 5 point deduction.

NO LATE SUBMISSIONS WILL BE ACCEPTED.

Submission 1 - due Saturday February 24 before 5pm - You must submit your completed October 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

Submission 2 - due Saturday March 3 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns completed, and the Worksheet formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 2 part 2. Failure to name your file correctly will result in a 1 point deduction

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40		$2,650
	October 2018 transactions related to buying and selling widget inventory
	1-Oct	Sold 30 widgets at $125 each on credit
	3-Oct	Purchased 60 widgets at a cost of $80 per widget on credit
	10-Oct	Sold 45 widgets at $150 each on credit
	20-Oct	Purchased 40 widgets at a cost of $85 per widget on credit
	24-Oct	Sold 35 widgets at $165 each on credit
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650
LIFO
	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Beg inv	15	60	900				15	60	900
	25	70	1,750				25	70	1,750
							40		2,650