1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods. 2 15. Inventory costing methods - Excel FORMULAS DATA REVIEW FILE HOME Sign In INSERT PAGE LAYOUT VIEW Cailben - 11 Paste BIU % Alignment Number Conditional Formatas Cell Cells Editing Formatting Table Styles Styles Better Bottles, Inc., uses a periodic inventory system and has the following Clipboard Font E F D 1 Better Bottles, Inc., uses a periodicnventory system and has the following information available: 2 3 Description of Units Cost per Unit Total Cost 4 Beginning Inventory 20 S 20.00 S 400.00 5 Jan. 15 Purchase 27 22.00 594.00 6 Jan 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 $ 1.984.00 Less: January Sales 36 9 Ending Inventory 44 30 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 X D19 B D 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 18 Jan. 15 Purchase 19 44 20 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 26 44 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 33 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 0 1 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 2 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 3 4 5 Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit 6 7 S Weighted Average Ending Inventory # of Units Cost per Unit Total Cost 9 1 2 3 Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 4 5 54 55 36 4) 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.) FIFO 58 LIFO Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 65