Chapter 7 Excel I Saved Helps 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. 10 points 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 "ESUM(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. eBook Print References ? X Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign In FILE HOME INSERT PAGE LAYOUT VIEW Calibri Calibri B I A A A = % Alignment Number D @ Cells Paste U D Conditional Format as Cell Formatting Table Styles Styles -11 D- Font X Editing Clipboard A1 for Better Bottles, Inc., uses a periodic inventory system and has the following A B C D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: # of Units Description 4 Beginning Inventory 5 Jan. 15 Purchase 20 $ Cost per Unit 20.00 22.00 $ Total Cost 400.00 594.00 0000 20 Dunabore Chapter 7 Excel Saved ? X Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign in FILE HOME INSERT PAGE LAYOUT VIEW * Calibri -11 A A = % D P I el Paste B I U - A Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing 10 Clipboard Font Styles points A1 Better Bottles, Inc., uses a periodic inventory system and has the following 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: eBook # of Units $ Cost per Unit 20 S 20.00 22.00 30.00 Print Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 27 Total Cost 400.00 594.00 990.00 1,984.00 References 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. FIFO Ending Inventory # of Units Cost per Unit T otal Cost Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase FIFO Cost of Goods Sold # of Units Cost per Unit T otal Cost Description 23 Beginning Inventory 2 Ton 15 Durabona ... Sheet1 ... Chapter 7 Excel Saved ? X X SS. FILE HOME HOME Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign In INSERT PAGE LAYOUT VIEW Paste B I U - - A Alignment Number Cells Editina Conditional Format as Cell Formatting Table Styles Styles Clipboard Font 10 points A1 for Better Bottles, Inc., uses a periodic inventory system and has the following D B C FIFO Cost of Goods Sold # of Units Cost per Unit eBook Total Cost Description Beginning Inventory Jan. 15 Purchase Print 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. References LIFO Ending Inventory # of Units Cost per Unit Total Cost Description Beginning Inventory 32 Jan. 15 Purchase 44 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Jan. 20 Purchase 38 Jan. 15 Purchase 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. ... Sheet1 ... + Saved Chapter 7 Excel OS.BE FILE HOME INSERT Inventory costing methods - Excel ? x - Sign In PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 AA E- A - Alignment Number Paste B I U . Cells Editing Conditional Format as Cell Formatting Table Styles Styles 10 Clipboard Font points A1 for Better Bottles, Inc., uses a periodic inventory system and has the following B 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. eBook Print Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit References Weighted Average Ending Inventory # of Units Cost per Unit Total Cost Weighted Average Cost of Goods Sold # of Units Cost per Unit T otal 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.) FIFO LIFO T Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 ... Sheet1 ... + Chapter 7 Excel I Saved Helps 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. 10 points 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 "ESUM(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. eBook Print References ? X Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign In FILE HOME INSERT PAGE LAYOUT VIEW Calibri Calibri B I A A A = % Alignment Number D @ Cells Paste U D Conditional Format as Cell Formatting Table Styles Styles -11 D- Font X Editing Clipboard A1 for Better Bottles, Inc., uses a periodic inventory system and has the following A B C D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: # of Units Description 4 Beginning Inventory 5 Jan. 15 Purchase 20 $ Cost per Unit 20.00 22.00 $ Total Cost 400.00 594.00 0000 20 Dunabore Chapter 7 Excel Saved ? X Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign in FILE HOME INSERT PAGE LAYOUT VIEW * Calibri -11 A A = % D P I el Paste B I U - A Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing 10 Clipboard Font Styles points A1 Better Bottles, Inc., uses a periodic inventory system and has the following 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: eBook # of Units $ Cost per Unit 20 S 20.00 22.00 30.00 Print Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 27 Total Cost 400.00 594.00 990.00 1,984.00 References 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. FIFO Ending Inventory # of Units Cost per Unit T otal Cost Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase FIFO Cost of Goods Sold # of Units Cost per Unit T otal Cost Description 23 Beginning Inventory 2 Ton 15 Durabona ... Sheet1 ... Chapter 7 Excel Saved ? X X SS. FILE HOME HOME Inventory costing methods - Excel FORMULAS DATA REVIEW - Sign In INSERT PAGE LAYOUT VIEW Paste B I U - - A Alignment Number Cells Editina Conditional Format as Cell Formatting Table Styles Styles Clipboard Font 10 points A1 for Better Bottles, Inc., uses a periodic inventory system and has the following D B C FIFO Cost of Goods Sold # of Units Cost per Unit eBook Total Cost Description Beginning Inventory Jan. 15 Purchase Print 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. References LIFO Ending Inventory # of Units Cost per Unit Total Cost Description Beginning Inventory 32 Jan. 15 Purchase 44 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Jan. 20 Purchase 38 Jan. 15 Purchase 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. ... Sheet1 ... + Saved Chapter 7 Excel OS.BE FILE HOME INSERT Inventory costing methods - Excel ? x - Sign In PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 AA E- A - Alignment Number Paste B I U . Cells Editing Conditional Format as Cell Formatting Table Styles Styles 10 Clipboard Font points A1 for Better Bottles, Inc., uses a periodic inventory system and has the following B 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. eBook Print Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit References Weighted Average Ending Inventory # of Units Cost per Unit Total Cost Weighted Average Cost of Goods Sold # of Units Cost per Unit T otal 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.) FIFO LIFO T Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 ... Sheet1 ... +