Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The Controller has asked 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. Here are some tips for using Excel: Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=B5" into a blank cell, the formula would output the value from cell B5. Basic Math Functions: Allow 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). For example, if you entered "=B4+B5* in a blank cell, the formula would add the values from those cells and output the result. SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "=SUMC4:C6)", the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Excel McGraw Hill Excel Question - Saved File Home Insert Draw Formulas Data Review View Help Editing 2 Calibri 11 A A BIO Al ft Accessibility tab summary: Financial information for Better Bottles, Incorporated, is presented in cells A4 to D B D E F G 1 2 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 3 4 Description # of Units Cost per Unit Total Cost 5 Beginning Inventory 20 $20.00 $400.00 6 Jan. 15 Purchase 27 22.00 594.00 7 Jan. 20 Purchase 33 30.00 990.00 B Goods Available for Sale BO $1,984.00 9 Less: January Sales 36 10 Ending Inventory 44 11 12 Required: 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. 14 15 (Use cells A4 to 10 from the given information to complete this question.) 16 17 FIFO Ending Inventory 18 Description # of Units Cost per Unit Total Cost 19 Jan. 20 Purchase 20 Jan. 15 Purchase 21 44 22 23 FIFO Cost of Goods Sold 24 Description # of Units Cost per Unit Total Cost 25 Beginning Inventory 26 Jan. 15 Purchase 27 36 28 A1 ft Accessibility tab summary: Financial information for Better Bottles, Incorporated, is presented in cells A4 to D10. A statem D E F G H 28 29 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 30 31 (Use cells A4 to D10 from the given information to complete this question.) 32 33 LIFO Ending Inventory 34 Description # of Units Cost per Unit Total Cost 35 Beginning Inventory 36 Jan. 15 Purchase 37 44 38 39 LIFO Cost of Goods Sold 40 Description # of Units Cost per Unit Total Cost 41 Jan. 20 Purchase 42 Jan. 15 Purchase 43 36 44 453) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 46 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 47 48 (Use cells A4 to D10 from the given information to complete this question.) 49 50 Cost of Goods Available for Sale Weighted Average Cost = 51 Number of Units Available for Sale per unit 52 53 Weighted Average Ending Inventory 54 # of Units Cost per Unit Total Cost 55 56 57 Weighted Average Cost of Goods Sold 58 # of Units Cost per Unit Total Cost 59 60 m B D F G H bu 61 4) Use the given information and your calculated numbers to complete the cost of Goods Sold Equation below for all three inventory 62 methods. (All numbers should be positive.) 63 64 (Use cells A4 to D10 from the given information to complete this question.) 65 66 FIFO LIFO Wtd. Avg. 67 Beginning Inventory 68 Add: Purchases 69 Goods Available for Sale 70 Less: Ending Inventory 71 Cost of Goods Sold 72 73 74