3. Calculate the Gross Profit for LIFO and FIFO under the periodic method You are to create worksheets within this document that calculate the requested information provide for above. I must see your work in order to give full credit This is your opportunity to flex your Excel muscle and utilize this powerful software to help prepare calculations which are cumbersome and time consuming to do manually I want to see good organization of data, good usage of Excel functions, and a logical flow of data for each solution area. Label your work appropriately If I believe you have shared or copied your data/worksheets, I will provide a zero for the assignment. Do your own work please! Provide the Answers on the SOLUTIONS tab in the workbook (use cell references). But make sure this document also provides the backup information/calculation for each solution. Do not hard enter any number that is a calculation...use formulas and references throughout 3 4 5 -6 -7 38 49 50 51 52 53 54 55 56 57 58 59 60 61 **Present solutions rounded to two decimals. CHECK FIGURES LIFO Perpetual Ending Inventory LIFO Periodic Cost of Goods Sold Average Cost Perpetual Ending Inventory $ 5,323.00 $ 30,465.00 $ 5,566 89 FIFO Average Cost Cost of Goods Sold (periodic): 2 c) LIFO FIFO Average Cost Cost of Goods Sold (perpetual) 2 d) LIFO FIFO Average Cost 63 Gross Profit 7 LIFO FIFO 28 29 30 31 32 3 33 3. Calculate the Gross Profit for LIFO and FIFO under the periodic method You are to create worksheets within this document that calculate the requested information provide for above. I must see your work in order to give full credit This is your opportunity to flex your Excel muscle and utilize this powerful software to help prepare calculations which are cumbersome and time consuming to do manually I want to see good organization of data, good usage of Excel functions, and a logical flow of data for each solution area. Label your work appropriately If I believe you have shared or copied your data/worksheets, I will provide a zero for the assignment. Do your own work please! Provide the Answers on the SOLUTIONS tab in the workbook (use cell references). But make sure this document also provides the backup information/calculation for each solution. Do not hard enter any number that is a calculation...use formulas and references throughout 3 4 5 -6 -7 38 49 50 51 52 53 54 55 56 57 58 59 60 61 **Present solutions rounded to two decimals. CHECK FIGURES LIFO Perpetual Ending Inventory LIFO Periodic Cost of Goods Sold Average Cost Perpetual Ending Inventory $ 5,323.00 $ 30,465.00 $ 5,566 89 FIFO Average Cost Cost of Goods Sold (periodic): 2 c) LIFO FIFO Average Cost Cost of Goods Sold (perpetual) 2 d) LIFO FIFO Average Cost 63 Gross Profit 7 LIFO FIFO 28 29 30 31 32 3 33
