Managing Inventory
This assignment relates to the following Course Learning Requirements:
CLR 1: Using accounting software, identify and use the basic features, modules, and aids to produce reliable and accurate financial information.
CLR 2: Using accounting software, create a computerized accounting system for a new company.
CLR 3: Using accounting software, record all transactions in the accounting cycle.
CLR 5: Using accounting software, produce and export management reports and financial statements.
Objective of this Assignment:
The objective of this assignment is to ensure students understand the step-up of inventory and the products and services.
Assignment Scenario:
Beautiful Blooms Floral Company is a relatively new and growing business that is switching its bookkeeping to QuickBooks Online. As their bookkeeper, in this assignment, you will enter the required start-up information by following the steps in
· the Chapter 8 Reinforce Your Skills exercises and
· the Chapter 8 Apply Your Skills exercises.
Pre-Assignment Instructions:
1. To prepare you for this assignment, please read the content in Chapter 8 and follow the embedded learning activities (the Develop Your Skills exercises).
To follow along with the examples in the text before doing the assignment:
a. Use the QuickBooks Online sample company to follow along with the practice Develop Your Skills exercises in the textbook. See Module 3 for more information about the QuickBooks Online sample company.
b. Remember that the sample company will refresh after a couple of hours of inactivity, so it is best to complete all the practice exercises in one session. You do not need to submit these practice reports. All exercises using the sample company are ungraded.
Assignment Tasks:
1. Open the QuickBooks Online application software.
2. Use the chapter steps to complete the Chapter 8 Reinforce and Apply Your Skills exercises. Enter each transaction based on the information provided.
3. Follow the steps in the Apply Your Skills exercises to export each report to Excel. You will only be submitting reports from the Apply Your Skills exercises. You do NOT need to submit the reports saved from the Reinforce Your Skills exercises.
4. In order to submit your assignment into one excel workbook, you will need to cut and paste each report into ONE excel workbook.
5. Check to ensure that the asset and expense accounts have the correct debit balances.
6. Check to ensure that revenue and liabilities account have the correct credit balances.
Submissions:
You should be submitting ONE Excel file that contains one worksheet for each of the following reports (from the Apply Your Skills exercises):
1. Products and Service List
2. Inventory Valuation Detail
3. Sales by Product and Service Summary
Do NOT submit the reports from the Reinforce Your Skills exercises.
Save file as:
D8 Beautiful Blooms Floral Co Report Name – Student Name
Scoring Rubric – Assignment #6 [5%]
ITEM
REQUIREMENTS
MARK
Products and Service List
– Heading is complete with Company Name, Name of report and date centered at the top three lines
– Correct number of items are included with the correct values
– Report is detail
– Report dated correctly
/20
Inventory Valuation Detail
– Heading is complete with Company Name, Name of report and date centered at the top three lines
– Correct number of items are included with the correct quantity
– Correct number of items available included
– Report dated correctly
– Report is detail
/20
Sales by Product and Service Summary
– Heading is complete with Company Name, Name of report and date centered at the top three lines
– Correct number of items are included with the correct values
– Report is detail
– Report dated correctly
/15
Format
– Assignment submitted in Excel Format
– All reports included in ONE workbook
– All required reports included
– All reports are correct
– Consistent format through workbook
/5
TOTAL
/60
Managing Inventory
