Attached is the Portfolio Project document and what is asked to complete, along with the templates.
I already input the numbers in the necessary columns from my knowledge but would like assistance in proof reading and double checking everything is correct. ALSO, my instructor left a comment which I need done:
“VERY IMPORTANT NOTICE:
These two errors occur the most in the Portfolio –
1) Part 2 of this assignment requires you to prepare financial statements from your adjusted trial balance (income statement, statement of equity and balance sheet). Please make sure that you create a set of financial statements that have correct format, date etc. Adding a column next to your trial balance and calling it a financial statement is unacceptable. Attached is a separate worksheet where you can input.
2) Part 3 of both options must show calculations for Ending Inventory, COGS and Gross Profit under each of the cost flow assumptions (LIFO, FIFO, and Average Cost). I MUST see how you arrived at your figures. I would prefer that you use Excel formulas, but you may write out the computations if you are not comfortable with entering formulas. “