Better Bottles, Inc., uses a periodic inventory system and has the following information available: # of Units Total Cost Cost per Unit 20 $ 20.00 $ 22.00 400.00 27 594.00 Description Beginning Inventory Jan. 15 Purchase Jan. 20 Purchase Goods Available for Sale Less: January Sales Ending Inventory 33 30.00 990.00 1,984.00 80 $ 36 44 Required: 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. FIFO Ending Inventory # of Units Cost per Unit Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 44 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Beginning Inventory Jan. 15 Purchase 36 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. LIFO Ending Inventory # of Units Cost per Unit Total Cost Description Beginning Inventory Jan. 15 Purchase 44 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 36 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 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 # of Units Cost per Unit Total Cost Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 58 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 50 Add: Purchases 51 Goods Available for Sale 52 Less: Ending Inventory 53 Cost of Goods Sold 54