P6-2A Glanville Distribution markets CDs of the performing artist Harrilyn Clooney.At the beginning of March, Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of During March Glanville made the following purchases of Clooney CDs: Date: Quantity: Cost: Date: Quantity: Cost: Mar 5 3,000 $8 Mar 21 4,000 $10 Mar 13 5,500 $9 Mar 26 2,000 $11 During March 12,500 units were sold. Glanville uses a periodic inventory system. Name: Key Date: Instructor: Course: Accounting Principles, Eighth Edition by Weygandt, Kieso, and Kimmel Solving Accounting Principles Problems Using Microsoft Excel for Windows by Rex A Schildhouse Instructions: (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Mar 1 Inv 10/01 1,500 $7 $10,500 Mar 5 Purchase 3,000 8 $24,000 Mar 13 Purchase 5,500 9 $49,500 Mar 21 Purchase 4,000 10 $40,000 Mar 26 Purchase 2,000 11 $22,000 Total 16,000 $146,000 (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO (1) Date Mar 26 Mar 21 Ending Inventory Units Unit Cost 1,500 $11 2,000 10 3,500 Total Cost $16,500 $20,000 $36,500 Ending inventory = 16,000 available for sale - 12,500 CDs sold = 3,500 CDs Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 1 1,500 $7 $10,500 Mar 5 3,000 8 $24,000 Mar 13 5,500 9 $49,500 Mar 21 2,500 10 $25,000 12,500 $109,000 LIFO (1) Date Ending Inventory Units Unit Cost Total Cost 500 2.500 $7 8 $10.937.500 Unit cost: Total cost: $ 9.000 10 $40.000 $11 $22.063 31.500 AVERAGE COST Ending Inventory (1) $ Units 12.000 12.500 9 $49.000 8 $8.000 3.000 Mar 21 4.500 $119.500 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 26 2.Mar 1 Mar 5 1.000 Mar 13 5.500 Mar 5 1.000 $26.13 $114.50 (c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) LIFO (2) FIFO .500 $16. of the assumed cost oods sold under the . At the beginning of March.. $7 ory system. ance sheet and (2) the . 4/1/2014. COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Total Cost Inv 10/01 Purchase Purchase Purchase Purchase Date Mar 1 Mar 5 Mar 13 Mar 21 Mar 26 Total (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO. $7 Instructions: (a) Determine the cost of goods available for sale.000 $10 Mar 13 5.ms_office.000 $8 Mar 21 4. Page 5 of 7. Kieso. FIFO (1) Date Mar 26 Mar 21 Ending Inventory Units Unit Cost Total Cost Ending inventory = 0 available for sale . LIFO. and average cost). Eighth Edition by Weygandt.xls.12. Glanville uses a periodic inventory system.500 Clooney CDs with a unit cost of During March Glanville made the following purchases of Clooney CDs: Date: Quantity: Cost: Date: Quantity: Cost: Mar 5 3.500 CDs sold = -12. Tab: Problem P6-2A. and Kimmel Solving Accounting Principles Problems Using Microsoft Excel for Windows by Rex A Schildhouse Date: Course: P6-2A Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. Glanville had in beginning inventory 1. 4:21 PM .000 $11 During March 12.Name: Instructor: Accounting Principles.500 units were sold.500 CDs Proof of Cost of Goods Sold Date Units Unit Cost Mar 1 Mar 5 Mar 13 Mar 21 Total Cost FileName: 220109407. At the beginning of March. Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.500 $9 Mar 26 2. xls.Name: Instructor: LIFO Accounting Principles. 4:21 PM . Tab: Problem P6-2A.ms_office. 4/1/2014. Eighth Edition by Weygandt. Kieso. Page 6 of 7. and Kimmel (1) Date Mar 1 Mar 5 Ending Inventory Units Unit Cost Total Cost Date: Course: Proof of Cost of Goods Sold Date Units Unit Cost Mar 26 Mar 21 Mar 13 Mar 5 Total Cost FileName: 220109407. an amount calculated outside of Place the explanation for the entry in the cell where the word "EXPLANATION" appears on the template. In "DATE" cells enter the date in any of several formats and Excel will format it correctly. This will be copied by formula to the rest of the pages as required. The problem is identified for you in cell "B7". Type the course identifier into cell "I6". Insert the journal reference where "JOURN #" appears on the template during posting. Type the due date of your problem into cell "I5". Write a formula into cells where the word "FORMULA" appears. Place the amount in the cell where the word "AMOUNT" appears on the template. This will be copied by formula to the rest of the pages as required. Insert the account number where "ACCT #" appears on the template during posting. A formula may be placed in Enter a number like 914 to signify units or gallons where the word "NUMBER" appears. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This will be copied by formula to the rest of the pages as required. Insert the title in the cell where "TITLE" appears on the template. . Place the proper account title in the cell where the word "ACCOUNT" appears on the template. The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required. If more than one page is preformatted into the problem. This will be copied by formula to the rest of the pages as required. In these cells.417 X 12 months) + (0. page breaks are preset and formulas are set to copy the header into the remaining pages. Negative values may be shown as ($400) vice -$400. Type your name into the cell "D5". Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of several help menus. Enter a string like: ($259.434. The problem is formatted for whole dollars with comma separations (no cents) except where required. Type the instructor's name into cell "D6". The gray filled cells define the perimeter of the problem and the print area.631) where the word TEXT appears.Instructions for the Microsoft Excel Templates Detail and information on Excel is contained within the manual.3651 X 5.