1. The objective in this project is for the Marketing Department to determine the quantity of each item in the product line included in the beginning inventory. True False
2. How many items were included in the beginning inventory in the tutorial. 12 15 24 36
3. The beginning inventory appears on the Income Statement True False
4. If we are a new business, the cost of goods sold number is Our beginning Inventory Our ending inventory Our totl expenses Our total revenue
5. To find the cost of each item Multiply total expenses stime cost of gods sold percentage Multiply retail price times cost of goods sold percentage Divide cost of goods sold by retail price Divide retail price by cost of goods sold percentage.
6. To find the sum of a column whose top cell is c3 and the bottom is c33, use the following formula =sum(c3+c33) sum(c3:c33) =sum(c3:c33)
7. Formulas in Excel cannot be copied and pasted. TRUE FALSE
8. Total value is calculated by Multiplying total purchases by the cost of each item Multiplying total expenses by the cost of each item Dividing total purchases by the cost of each item Adding total purchases to the cost of each item
9. =Sum(J6:J39) does what? Gives the average betweeen Adds Cell J6 to J39 Adds all the cells from J6 through J39 Adds all the cells from J6 to J39
10. Cells that contain dollars and cents should be formated as General? True False
11 Remember the total beginning inventory must equal? Cost of goods sold Total Expenses Total Revenue
12. The perpetual inventory spread sheet has a formula for each product that adds the amount on hand with purchases and deducts sales of items to give a final quantity True False
13. In the template, the final _______ is multiplied by the cost price to get the total value for the inventory item. quantity retail price cost price cost of goods sold percentage
14. Remember, that each month you must decide on which items to purchase. True False
15. After open houses, trade fairs and your grand opening, key into the template? Cost values Quantity of each item sold Beginning inventory value Cost of goods sole percentage.
First Name Last Name
Score