51 Help Save 1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods 3 5.5 X Inventory costing methods - Excel FORMULAS DATA REVIEW FILE HOME INSERT PAGE LAYOUT VIEW Sign In X Calitri -111 % Paste BIU- Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Opboard Font B17 X D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 3 Description 1 of Units Cost per Unit Total Cost 4 Beginning Inventory 20 $ 20.00 $ 400.00 5 Jan. 15 Purchase 27 22.00 594.00 6 lan 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 S 1,984.00 Less: January Sales 35 9 Ending Inventory 44 10 D E A 12 Required: 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. 14 15 16 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 20 21 HIFOKOST OG SO 22 Description Yol units Cost per Unit total cost 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 30 35 36 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 36 40 11 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. 44 45 46 Weighted Average Cost Cost of Goods Available for Sale Number of Units Available for Sale per unit 47 48 49 Weighted average Griding Inventory of Units Cosi per Unit Total cost 50 51 52 53 54 Weighted Average cost of Goods Sold of Units Cost per Unit Total Cost SS 564) Use the given information and your calculated numbers to complete the cost of Goods Sold 57. Fuation belrw for all three inventory methods fall numbers should be nositive Sheet1 55 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.) 58 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 65 66