A1 X Better Bottles, Inc., uses a periodic inventory system and has 3 A B D 1 Better Bottles, Inc., uses a periodic Inventory system and has the following information available: 2 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 33 30.00 990.00 7 Goods Available for Sale 80 $ 1,984.00 8 Less: January Sales 36 9 Ending Inventory 44 10 $ 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods sold using Periodic FIFO. 15 16 Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 FIFO Ending Inventory # of Units Cost per Unit 33 S 30.00S 11 22.00 Total Cost 990.00 242.00 44 20 FIFO Cost of Goods Sold # of Units Cost per Unit 21 22 Description 23 Beginning Inventory Total Cost 1 of 1 Saved A1 X fo Better Bottles, Inc., uses a periodic inventory system and has the B D E 20 FIFO Cost of Goods Sold It of Units Cost per Unit 21 22 Description 23 Beginning Inventory 24 Jan. 15 Purchase 25 Total Cost 36 26 27 2) Calculate both the Ending Inventory and cost of Goods Sold using Periodic LIFO. 28 LIFO Ending Inventory # of Units Cost per Unit Total Cost 29 30 Description 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 34 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 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. D E 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 46 Weighted Average Costa Cost of Goods Available for Sale Number of Units Available for Sale per un 47 48 49 Weighted Average Ending Inventory #1 of Units Cost per Unit Total Cost 50 51 52 53 Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 54 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 FIFO LIFO wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 51 Goods Available for Sale 52 Less: Ending Inventory 63 Cast of Good Sold Sheet Brev Next