ACCT 222 Problems Excel Template 2, Fall 2014

Name: Section: When entered amounts are correct the cell will turn to green. Exercise 2-2 a. EOQ = square root of (2CN/K) where: C = N = K = EOQ = gallons b. Number of orders = Annual usage/EOQ = orders Annual usage = EOQ = Ordering cost $ Carrying cost Total order and carrying cost $ Name: Section: When entries in amount columns are correct the cell will turn to green. Exercise 2-7 First-in, first-out method RECEIVED ISSUED BALANCE Date Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 7/1 7/3 7/5 7/6 7/10 7/11 7/15 7/20 7/26 Cost of materials used (issued): Cost of 7/31 inventory: Name: Section: When calculations/numbers are correct the cell will change to green. Problem 2-1 1. Compute the order point. Units per day = Days = Safety stock = Order point = units 2. Determine the most economical oder quantity by use of formula. EOQ = square root of (2CN/K) where: C= N= K= EOQ = units 3. Calculate the total cost of ordering and carrying at EOQ. Annual usage = units Units per order = units Number of orders = orders Ordering cost = $ Safety stock = units Average number of units in inventory = units Carrying cost per unit = $ Carrying cost = $ Total cost = $ Name: Section: When amounts entered into the cells are correct the cell will change to green. Problem 2-3 300 400 500 600 700 800 = gallons of material annually = cost of placing an order = carrying cost per unit EOQ = gallons Order Size Number of Orders Total Order Cost Average Inventory Total Carrying Cost Total Ordering & Carrying Cost Name: Section: When entries in amount columns are correct the cell will turn to green. Problem 2-5 1.a. FIFO costing MATERIALS LEDGER Date RECEIVED ISSUED BALANCE Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 11/1 11/4 11/5 11/8 11/15 11/22 11/28 Description: Rubber gaskets Materials Ledger Account No. 11216 Rec. Rep. No. Mat. Req. No. Name: Section: When entries in amount columns are correct the cell will turn to green. 1.b. LIFO costing MATERIALS LEDGER Date RECEIVED ISSUED BALANCE Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 11/1 11/4 11/5 11/8 11/15 11/22 11/28 1.c. Moving Average costing Description: Rubber gaskets Materials Ledger Account No. 11216 Rec. Rep. No. Mat. Req. No. Name: Section: When entries in amount columns are correct the cell will turn to green. MATERIALS LEDGER Date RECEIVED ISSUED BALANCE Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 11/1 - 11/4 11/5 11/8 11/15 11/22 11/28 2. Inventory comparisons Inventory Method Cost Transferred Cost of Ending to Work in Process Inventory FIFO LIFO Moving average 3. Description: Rubber gaskets Materials Ledger Account No. 11216 Rec. Rep. No. Mat. Req. No. Name: Section: When entries in amount columns are correct the cell will turn to green. 4. Name: Section: When entries in amount columns are correct the cell will turn to green. Problem 2-6 1. FIFO method MATERIALS LEDGER Date RECEIVED ISSUED BALANCE Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 2/1 2/5 2/11 2/14 2/15 2/16 2/18 2/21 2. LIFO method Description: Plastic tubing (ft.) Materials Ledger Account No. 906 Rec. Rep. No. Mat. Req. No. Name: Section: When entries in amount columns are correct the cell will turn to green. Problem 2-6 MATERIALS LEDGER RECEIVED ISSUED BALANCE Date Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 2/1 2/5 2/11 2/14 2/15 2/16 2/18 2/21 3. Moving average method MATERIALS LEDGER Description: Plastic tubing (ft.) Materials Ledger Account No. 906 Rec. Rep. No. Mat. Req. No. Name: Section: When entries in amount columns are correct the cell will turn to green. Problem 2-6 RECEIVED ISSUED BALANCE Date Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 2/1 2/5 2/11 2/14 2/15 2/16 2/18 2/21 Description: Plastic tubing (ft.) Materials Ledger Account No. 906 Rec. Rep. No. Mat. Req. No.