Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March,

Greehey had beginning inventory of $1,800$ Lotta CDs with a unit cost of $$7.$

During March, Greehey made the following purchases of Lotta CDs$.$ Hard copy due on $4/9/24$ at the start

of class. $($After printing project with numbers, click CTRL ~ and print a hard copy of formulas revealed. Staple.$)$

Date: Quantity: Cost: Date: Quantity: Cost:

Mar $54,000$ $$8$ Mar $214,000$ $$10$

Mar $135,500$ $$9$ Mar $262,000$ $$11$

During March, $12,500$ units were sold. Greehey uses a perpetual inventory system.

Prepare answers on an Excel spreadsheet using the following templates. Label with letter in parenthesis.

Instructions:

$($a$)$ Determine the cost of goods available for sale.

COST OF GOODS AVAILABLE FOR SALE

Date Explanation Units Unit Cost Total Cost

Mar $1$ Text Number Value Formula

Mar $5$ Text Number Value Formula

Mar $13$ Text Number Value Formula

Mar $21$ Text Number Value Formula

Mar $26$ Text Number Value Formula

Total Formula Formula

$($b$)$ Determine the ending inventory under FIFO. $($c$)$ Determine the COGS under FIFO.

FIFO

Ending Inventory $(2)$ Cost of Goods Sold

Date Units Unit Cost Total Cost Title Amount

Mar $26$ Quantity Amount Formula Title Amount

Mar $21$ Quantity Amount Formula Title Formula

Formula Formula

$($d$)$ Prove the accuracy of the cost of goods sold under FIFO.

Proof of Cost of Goods Sold

Date Units Unit Cost Total Cost

Mar $1$ Quantity Amount Formula

Mar $5$ Quantity Amount Formula

Mar $13$ Quantity Amount Formula

Mar $21$ Quantity Amount Formula

Formula Formula

$($e$)$ Determine the ending inventory under LIFO. $($f$)$ Determine the COGS under

LIFO.

LIFO

Ending Inventory Cost of Goods Sold

Date Units Unit Cost Total Cost Title Amount

Mar $1$ Quantity Amount Formula Title Amount

Mar $5$ Quantity Amount Formula Title Formula

Formula Formula

$($g$)$ Prove the accuracy of the cost of goods sold under LIFO.

Date Units Unit Cost Total Cost

Mar $26$ Quantity Amount Formula

Mar $21$ Quantity Amount Formula

Mar $13$ Quantity Amount Formula

Mar $5$ Quantity Amount Formula

Formula Formula

$($h$)$ Determine the ending inventory under weighted average.

$(1)$ Ending Inventory $(2)$ Cost of Goods Sold

Cost of goods available for sale

Avg. cost per unit $=$ Less: Ending inventory

$(2$ decimal places$)$ Cost of goods sold