Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods.

Inventory costing methods 1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. All answers must be entered as a formula. Click OK to begin. B 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: # of Units $ 20 $ 27 Cost per Unit 20.00 22.00 30.00 Total Cost 400.00 594.00 33 990.00 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 11 80 | $ 1,984.00 36 44 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory # of Units Cost per Unit 16 Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 19 44 20 21 FIFO Cost of Goods Sold # of Units Cost per Unit 22 T otal Cost Description 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory # of Units Cost per Unit Total Cost 30 Description 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 34 35 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 36 Description 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 36 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 Cost of Goods Available for Sale Weighted Average Cost = 46 Number of Units Available for Sale per unit 47 48 Weighted Average Ending Inventory # of Units Cost per Unit Total Cost 49 50 51 52 Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 53 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 Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold