Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The Controller has as you to prepare a comparison of the Ending Inventory and Cost of Goods Sold totals for three different inventory costing methods: Periodic FIFO, LIFO, and Weighted Average. Use the information included in the Excel Simulation and the Excel functions described below to complete the task points Book . Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell. =85" was entered, the formula would output the result from cell B5, or 27 in this example, Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). (asterisk sign to multiply), and/(forward slash to divide). From the Excel Simulation below, if in a blank cell-B4-85" was entered, the formula would add the values from those cells and output the result, or 47 in this example. If using the other math symbols the result would output an appropriate answer for its function, SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell SUM(C4,C5,C6)" was entered, the formula would output the result of adding those three separate cells, or $72.00 in this example. Similarly, if in a blank cell SUM(C4:06)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be $72.00 in this example. References X 5. HOME FILE INSERT Inventory costing methods - Excel ? - 6 PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Ruler Formula Bar Q Q Gridines Headings Zoom 100% Zoom to Window Macros Selection - Show Zoom Macros Better Bottles, Inc., uses a periodic Inventory system and has the points Normal Page Break Page Custom Preview Layout Views Workbook Views eBook A1 X References 1 (Better Bottles, Inc., uses a perfodic inventory system and has the following information available: # of Units 20 $ Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory Cost per Unit $ 20.00 22.00 30.00 Total Cost 400.00 594.00 990.00 1.984.00 3 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFC FIFO Ending Inventory # of Units Cost per Unit Total Cost Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase points L 44 eBook References FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description 23 Beginning Inventory 24 Jan. 15 Purchase 36 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIF LIFO Ending Inventory # of Units Cost per Unit Total Cost Description 31 Beginning Inventory 32 Jan. 15 Purchase ... Sheeti ... READY Attempt(s) Hint 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIF LIFO Ending Inventory # of Units Cost per Unit Total Cost Description 31 Beginning Inventory 32 Jan. 15 Purchase points 44 eBook LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost References 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. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit Weighted Average Ending Inventory - Sheet1 ... 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. points Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit eBook Weighted Average Ending Inventory # of Units Cost per Unit Total Cost Weighted Average Cost of Goods Sold # of Units Cost per Unit) Total Cost 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. Ava. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63. Caet of Conde Cald Sheet1 eBook References 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 66