1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. All answers must be entered as a formula. Click OK to begin. OK A B D E 2 # of Units 3 Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 10 Cost per Unit 201$ 20.00 $ 27 22.00 33 30.00 80 $ Total Cost 400.00 594.00 990.00 1,984.00 361 44 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 18 Jan. 15 Purchase 19 44 20 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 21 22 Description 23 Beginning Inventory 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 33 44 34 A D E F 35 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 36 Description 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 45 Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale 46 per unit 47 48 Weighted Average Ending Inventory # of Units Cost per Unit Total Cost 49 50 51 52 53 Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 54 55 58 56 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 LIFO Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64