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 "=4+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.
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 worksheets From the Excel Simulation below, if in a blank cell, SB5" was entered the formula would output the result from cell B5 or 27 in this example. Basic Moth 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 stash to divide) From the Excel Simulation below. Itin 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 cel references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUMC4,C5.C)" was entered the formula would output the result of adding those three separate cells, or $72.00 in this example. Similarly, in a blank cell SUMCA 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. 5 10 FILE Inventory costing methods Excel FORMULAS DATA REVIEW HOME INSERT PAGE LAYOUT VIEW Sign in CH 10 LA % Paste BIU A Cell Editing Algement Number Conditional Format Cell Formatting Table Style Styles Ciboard Font AB f. Better Bottles, Inc., uses a periodic inventory system and has the following D 1 Better Bottles, Inc., uses a periodicnventory system and has the following information available: 2 3 Description of Units Cost per Unit Total Cost 4 Beginning Inventory 20 5 20.00 $ 400.00 5 ian. 15 Purchase 27 22.00 594.00 6 Ian 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 $ 1.984.00 8 Less: January Sales 36 9 Ending Inventory 44 16 11 12 Required: Homework result would be $72.00 in this example, Inventory costing methods - Excel ? 5 X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in Calibri 11 X 20 Paste BIU A % S.A. Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Opboard Font A1 Better Bottles, Inc., uses a periodic inventory system and has the following 8 D E F 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 35 Description I of Units Cost per Unit Total Cost 17 Jan, 20 Purchase 18 Jan. 15 Purchase 19 44 BEEBRUNEBESCHE FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory 24 Jan. 15 Purchase 36 26 27 2) Calculate both the Ending Inventory and cost of Goods Sold using Periodic LIFO. 28 LIFO Ending Inventory Description # of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 44 LIFO Cost of Goods Sold BE Sheet1 READY Attempt(s) L 100% ? - 6 1 3 FILE Inventory costing methods - Excel FORMULAS DATA REVIEW Sign In HOME INSERT PAGE LAYOUT VIEW % , Calibri -111 - A A 96 Paste BTU A Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 X Better Bottles, Inc., uses a periodic inventory system and has the following . B E F Cost per Unit D Total Cost # of Units 36 Description 37 Jan. 20 Purchase 38 Jan. 15 Purchase 36 ORO *** 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. 44 45 Weighted Average Cost- 46 Cost of Goods Available for Sale Number of Units Available for Sale per unit 48 Weighted Average Ending Inventory 49 # of Units Cost per Unit Total Cost 50 51 52 Weighted Average Cost of Goods Sold 53 of Units Cost per Unit Total Cost 54 55 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 FIFO LIFO 59 Beginning Inventory Sheet1 Wtd. Avg READY Attempts) L 100% Hint
