Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO and Weighted Average Cost methods. Make use of Excel/Sheets capabilities by using as many formulas and functions as possible. BBC2, Inc. uses a periodic inventory system and has the following information available: REQ. A MASTER INVENTORY RECORD Reference or given data section MASTER RECORD - This should be calculated FIRST Description (Shelves) # of Units Cost per unit Total cost Chapter & Course Outcomes: (to be demonstrated in this project) Calculate Cost of Goods Sold and Ending Inventory using 3 costing methods in the periodic system A of inventory Analyze the impact on the financial statements of each inventory costing method and system of inventory. Use Microsoft Excel proficiently to record and summarize information used in business analysis and 8 B decision making Beginning inventory Jan 15 purchase 20 $ 20.00 25 $ 25.00 35 $ 33.00 Jan 20 purchase Total Inventory January Sales Ending Inventory 42 answer will be on each schedule below . **Use formulas for these cells - REQUIRED FOR POINTS: A. Complete the master inventory record using formulas. Reference/link to this information for each costing schedule. B. Complete the inventory costing schedules documenting details (every possible shelf) in the calculation of ending inventory and cost of goods sold for each of the 3 costing methods. Use formulas for calculations and reference/link to the master record. C. Answer the following questions for this example: Which method provides the highest net income? Which method provides the largest asset value on the Balance Sheet? Are your answers to the above 2 questions always true? Explain. Which method would you choose? Explain. . REQ.B INVENTORY COSTING SCHEDULES Link or reference back to the description, units and cost on the master record Calculate the Ending Inventory and Cost of Goods Sold using Periodic FIFO - - FIFO Ending Inventory # of Units Cost per unit Description Total cost . . REQ, C. Answers: 101 - . = 02 . FIFO Cost of Goods Sold #of Units Cost per unit Description Total cost . - 93 . . 104 Calculate the Ending Inventory and Cost of Goods Sold using Periodic LIFO LIFO Ending Inventory of Units Cost per unit . Description Total cost . LIFO Cost of Goods Sold # of Units Cost per unit Description Total cost . - - Description # of Units Cost per unit Total cost REQ. C. Answers: 91. 92 FIFO Cost of Goods Sold # of Units Cost per unit Description Total cost 93 9 Calculate the Ending Inventory and cost of Goods Sold using Periodic LIFO 5 5 7 UFO Ending Inventory Nof Units Cost per unit Description Total cost LIFO Cost of Goods Sold #of Units Cost per unit > Description Total cost 5 Calculate the Ending Inventory and cost of Goods Sold using Periodic Weighted Average WEIGHTED AVERAGE Ending Inventory WEIGHTED AVERAGE Cost of Goods Sold