Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Retail companies with today’s online, as well as in-store sales have a lot of data to keep track of!
Keeping track of sales, costs, and profits daily is essential to making the most of a business. This exercise illustrates how to use the skills presented in this Module to generate the data needed daily by a retail company.
- Create the following calculated columns.
- a) In I4, and J4, use a VLOOKUP function that will look up the Product Price and Product
Cost based on the Product Sold column which lists an ID number. [Hint: The Product Table
sheet lists the Price and Cost] If any error messages appear, check the Range Lookup.
- b) In K4, use a formula to calculate Profit. Hint: Profit =(Product Price-Product
Cost)*Units Sold
- Format columns I, J, and K as currency with two decimal places.
- Make a copy of the Sales sheet and rename it Online Sales by Date. Place this sheet to the right of the Sales sheet. Answer the following question by filtering the data accordingly.
- a) What was the total Profit for Online Sales?
- b) Sort the results by Date Sold (A/Z).
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