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. Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "B5" 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+B5" 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:C6)" 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. FILE HOME INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA - REVIEW VIEW Calibri 11 AA Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard Font Styles Al $ X f. Better Bottles, Inc., uses a p B uses a periodic inventory system and has the following Better Bottles, Inc., uses a periodic inventory system and has the following information available: C D E 2 3 Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 10 # of Units 20 $ Cost per Unit 20.00 $ Total Cost 400.00 27 22.00 594.00 33 30.00 990.00 80 S 1,984.00 36 44 Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri -11 -A % M Paste BIU- Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard. Font Q Styles 1 fx Better Bottles, Inc., uses a periodic inventory system and has the following A B C D 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 16 Description FIFO Ending Inventory # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 20 21 22 Description 44 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 23 Beginning Inventory 24 Jan. 15 Purchase 25 26 36 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 30 Description LIFO Ending Inventory # of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 22 READY Attempt(s) Sheet1 4 E E 100% Hint F 4 FILE Calibri Paste BIU Clipboard Al 29 30 INSERT PAGE LAYOUT 11 A A Description 31 Beginning Inventory 32 Jan. 15 Purchase 33 34 35 Font 36 Description 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 40 . DATA REVIEW VIEW Sign In M .. 2 Alignment Number Conditional Format as Cell Cells Formatting Table Styles Styles Editing f Better Bottles, Inc., uses a periodic inventory system and has the following B LIFO Ending Inventory C D E # of Units 44 Cost per Unit Total Cost LIFO Cost of Goods Sold # of Units 36 Cost per Unit Total Cost 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 per unit Total Cost 46 Weighted Average Cost Cost of Goods Available for Sale 47 48 49 # of Units Number of Units Available for Sale Weighted Average Ending Inventory Cost per Unit 50 51 52 Wainhted Avarana Cast of Cande Sald READY Attempt(s) Sheet1 E 100% Hint FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11. A A % M Paste BIU- A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard G Font Styles Al fx Better Bottles, Inc., uses a periodic inventory system and has the following B C D 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 E 44 45 46 Weighted Average Cost= 47 48 49 50 51 52 53 54 55 Cost of Goods Available for Sale Number of Units Available for Sale Weighted Average Ending Inventory Cost per Unit # of Units Total Cost Weighted Average Cost of Goods Sold Cost per Unit # of Units Total Cost 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 READY Attempt(s) Sheet1 FIFO LIFO Wtd. Avg. E per unit F 100% Hint