Answered step by step
Verified Expert Solution
Question
1 Approved Answer
all pictures are linked I do not know that is why I took photos of everything. please review all attached files Download the Applying Excel'
all pictures are linked
I do not know that is why I took photos of everything. please review all attached files
Download the "Applying Excel' worksheet below and save it to your computer. View the worksheet. Enter formulas in cells that contain question marks (only use formulas). After entering formu question marks, verify that the amounts match the example below. (a) FIFO Units Remaining Ending Inventory $ Cost of Goods Sold $12,300 22,660 28,080 25,440 $88,480 Units Sold 1,200 2,200 2,700 2,400 8,500 a a @ 1,500 1,500 15,980 $15,900 (b) LIFO Units Sold @ Cost of Goods Sold $ 0 Units Remaining 1,200 Ending Inventory $12,300 2 Saved Help el' worksheet below and save it to your computer. View the tutorial video, and then complete the Ontain question marks (only use formulas). After entering formulas in all of the cells that contain e amounts match the example below. old Units Remaining Ending Inventory $ @ @ 1,500 1,500 15,900 $15,900 Units Remaining 1,200 20 Ending Inventory $12,300 (b) LIFO Units Sold Cost of Goods Sold $ 19,570 28,080 41,340 $88,990 Units Remaining 1,200 300 Ending Inventory $12,300 3,090 1,900 2,700 3,900 8,500 0 1,500 $15,390 (c) Weighted average cost Cost of Units Sold Goods Sold 8,500 $88,723 Units Remaining 1,500 Ending Inventory $15,657 (d) Calculate gross profit 20.0 Required information (c) Weighted average cost Cost of Units Sold Goods Sold 8,500 $88,723 Units Remaining 1,500 Ending Inventory $15,657 (d) Calculate gross profit Sales revenue Cost of goods sold Gross profit FIFO $255,000 88,480 $166,520 LIFO $255,000 88,990 $ 166,010 Weighted - average $255,000 88,723 $ 166, 277 Check your work Nation Check your worksheet setup and formulas by changing the unit costs as noted belo Date Beginning March 12 June 5 October 22 Number of Units 1,200 2,200 2,700 3,900 Unit Cost 10.50 10.40 10.30 10.20 You should now have a FIFO ending inventory balance of $15,300, a LIFO ending inve Profit of $167,391 using the Weighted Avergage Method. If you do not get this answer, review your worksheet and the formulas you used Save your completed Applying Excel form to your computer and then upload it here You will use this worksheet to answer questions in Part 2. Help SE d formulas by changing the unit costs as noted below. of s Unit Cost 10.50 10.40 10.30 10.20 Bing inventory balance of $15,300, a LIFO ending inventory balance of $15,720, and a Gross hted Avergage Method. lew your worksheet and the formulas you used. Excel form to your computer and then upload it here by clicking "Browse". Next click Save". nswer questions in Part 2 UHUw with formulas Required: (a) Based on the information given below, calculate Cost of Goods Sold and Ending Inventory using the method (b) Calculate Cost of Goods Sold and Ending Inventory using the LIFO method, (c) Calculate Cost of Goods Sold and Ending Inventory using the Weighted Average Method. (d) Calculate Gross Profit under all three methods. Given Information: Answers Sales Sale Price = 8,500 units 30 (a) FIFO Date Beginning March 12 June 5 October 22 Number of Units 1,200 2,200 2,700 3,900 Unit Total Cost Cost 10.25 12,300 10.30 22,660 10.40 28,080 10.60 41,340 104,380 10,000 Totals (b) UFO Answers (a) FIFO Units Sold Cost of Goods Sold ? Units Remaining 7 2 ? ? 2 2 ? 2 7 2 2 ? (b) UFO Cost of Goods Sold Units Remaining Units Sald 2 2 ? 7 el Welated avere cost ant Workbook Help Search carlles from the Internet can contain viruses. Unless you need to edit it's safe to stay in Protected View Heview View Enable Edong 2 3 ? 2 (b) LIFO Un ts Sald Cast of Goods Solu Ending 7 2 2 Units Remaining 2 7 7 7 2 7 (c) Weighted average cost Units Sald Cost of Goods Sold ? Remaining Inventory 2 (d) Calculate gross profit FIFO Cost of goods sold nt WorkbookStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started