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Posted on Sep 23, 2024

1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods. KU ? 3 Inventory costing

1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods. KU ? 3 Inventory costing methods - Excel FORMULAS DATA REVIEW FILE HOME INSERT PAGE LAYOUT VIEW Sign in Calon 11 % Paste BIU Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing cos Clipboard Font A1 fo Better Bottles, Inc., uses a periodic inventory system and has the following B D E Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 3 Description # of Units Cost per Unit Total Cost 4 Beginning Inventory 201$ 20.00 $ 400.00 5 Jan. 15 Purchase 27 22.00 594.00 6 Jan. 20 Purchase 331 30.00 990.00 7 Goods Available for Sale 80 s 1.98400 8 Less: January Sales 36 9 Ending Inventory 44 10 11 12 Required: 13 ) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO 14 15 FIFO Ending Inventory 16 Description #of Units Cost per Unit Total Cost Cells Editing Paste BIU- - Alignment Number Conditional Format as Cell Formatting" Table Styles Styles Font TH Clipboard > Better Bottles, Inc., uses a periodic inventory system and has the following D E F B 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 33 $ 30.00 $ 990.00 18 Jan. 15 Purchase 22.00 242.00 19 44 $ 1,232.00 20 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory 20 $ 20.00 $ 400.00 24 Jan. 15 Purchase 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory 30 Description #of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 44 Sheeti Saved Cells Editing Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Font Clipboard A1 Better Bottles, Inc., uses a periodic inventory system and has the following E F os A B D 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory 30 Description of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 44 34 35 LIFO Cost of Goods Sold 36 Description # of Units Cost per Unit Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 36 40 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 43 44 Weighted Average Cost Cost of Goods Available for Sale Number of Units Available for Sale per unit 46 47 48 49 Weighted Average Ending Inventory # of Units Cost per Unit Total Cost Sheet1 100% Paste Formatting Table > Font Styles Clipboard Al Better Bottles, Inc., uses a periodic inventory system and has the following v E F A B D 38 Jan. 15 Purchase 39 36 40 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold, 43 44 45 Weighted Average Cost per unit 46 47 48 49 50 Cost of Goods Available for Sale Number of Units Available for Sale Weighted Average Ending Inventory # of Units Cost per Unit Total Cost 31 52 Weighted Average Cost of Goods Sold 53 # of Units Cost per Unit Total Cost 54 55 564) Use the given information and your calculated numbers to complete the cost of Goods Sold 57 Equation below for all three inventory methods. (All numbers should be positive.) 58 FIFO LIFO Wtd. Avg 59 Beginning Inventory 60 Add: Purchases 61 Goals Available for Sale Sheet1 + 100% READY Font = per unit Paste BIU Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Styles for Better Bottles, Inc., uses a periodic inventory system and has the following B D E 46 Average Cost = Number of Units Available for Sale 47 48 Weighted Average Ending Inventory 49 # of Units Cost per Unit Total Cost 50 51 52 Weighted Average Cost of Goods Sold 53 # of Units Cost per Unit Total Cost 54 55 564) Use the given information and your calculated numbers to complete the Cost of Goods Sold 57 Equation below for all three inventory methods. (All numbers should be positive. 58 FIFO LIFO Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 65 66 67 Sheet1 READY 100%