Solved by verified expert :Details:Using the “M5 Continuing Problem” Excel templates, complete the requirements for problem P6-45 in the textbook. Please note that the Chapter 5 Continuing Problem is not required.Save your template using the filename LastnameFirstinitial.ACC250.#. For example, John Doe’s module #5 assignment would be namedDoeJ.ACC250.5.ACC250 Module 5 Template P6-45 Student Name: Deborah
Harvey Requirement 1: Prepare perpetual inventory records for January for Draper
using the LIFO perpetual method. ACC250 Module 5 Template P6-45 Student Name: Requirement 2: Journalize and post the January transactions. (Post into the
t-accounts on the next tab.) Requirement 3: Journalize and post the adjusting entries. (Post into the
t-accounts on the next tab.) ACC250 Module 5 Template P6-45 Student Name: Requirement 2: Journalize and post the January transactions using the
perpetual inventory records created in requirement 1. Key all items by date.
Compute each account balance, and denote the balance as Bal. (Journalize the entries on the previous tab). Total debits:Requirement 3: Total
credits:Journalize and post the adjusting entries. Denote each
adjusting amount as Adj. After posting all adjusting entries, prove the
equality of debits and credits in the ledger. ACC 250 Module 5 Practice Problems Template E5-17 Student Name: Deborah
Harvey Requirement: Journalize the February transactions for Soul Art Gift
Shop. No explanations are required. Details:Complete practice problems E5-17, E6-21, and E6-22 in the textbook using the “M5 Practice Problems” Excel template.After completing the practice problems, go to the Assignments section of the classroom and submit your completed Excel document to the appropriate assignment drop box.ACC 250 Module 5 Practice Problems Template E6-21 E6-22 Student Name: Deborah
Harvey Requirement 1: Requirement
1: Compute the cost of ending inventory using FIFO. Compute
the cost of goods sold under FIFO. Requirement 2: Requirement
2: Compute the cost of ending inventory using LIFO. Compute
the cost of goods sold under LIFO. Requirement 3: Requirement
3: Which inventory
method results in a higher cost of ending inventory?
Which inventory method results in a higher cost of goods sold?
