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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 Referencer data Secto MASTERECORD.The should be called FIRST Description (Shelves Hol Units Cusl per unit Total cost Chapter & Course Outcomes: (to be demonstrated in this project) Calculate Cost of Goods Sold and Ending Inventory using 3 casting methods in the periodic A system of inventory Analyze the impact on the financial statements of each inventary casting method and system of inventory Beginning inventory Jan 15 purchase 20 S 250 $ 20.00 25.00 35 S 33,00 Use Microsoft Excel proficiently to record and summarize information used in business 3 analysis and decision making Jan 20 purchase Total Inventory January Sales Ending Inventory 42 wir will be on each schedule below **Use formula for the celk 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 cast on the master record Calculate the Ending Inventory and cost of Goods Sold using Periodic FIFD FIFO Ending Inventory wor units Cost per unit Description Total COM REG. C. Answers: FIFO Cost of Goods Sold wol units Cost per unit + H. KHI Total Calculate the Ending Inventory and cost of Goods Sold using Periodic LIFO LIFO Ending Inventory Hol Units Cost per unit Description Total LIFO Cost of Goods Sold woruntu Cost per unit Descrution Total Calculate the Ending Inventory and cost of Good Sold using Periodic Weighted Ava WEIGHTED AVERAGE Ending Inventory WEIGHTED AVERAGE Cost of Goods Sold 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 las lor calculations and rele 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. FIFO Ending Inventory # of Units Cost per unit Description Total cost REQ. C. Answers: FIFO Cost of Goods Sold # of Units Cost per unit Description Total cost 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 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 Referencer data Secto MASTERECORD.The should be called FIRST Description (Shelves Hol Units Cusl per unit Total cost Chapter & Course Outcomes: (to be demonstrated in this project) Calculate Cost of Goods Sold and Ending Inventory using 3 casting methods in the periodic A system of inventory Analyze the impact on the financial statements of each inventary casting method and system of inventory Beginning inventory Jan 15 purchase 20 S 250 $ 20.00 25.00 35 S 33,00 Use Microsoft Excel proficiently to record and summarize information used in business 3 analysis and decision making Jan 20 purchase Total Inventory January Sales Ending Inventory 42 wir will be on each schedule below **Use formula for the celk 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 cast on the master record Calculate the Ending Inventory and cost of Goods Sold using Periodic FIFD FIFO Ending Inventory wor units Cost per unit Description Total COM REG. C. Answers: FIFO Cost of Goods Sold wol units Cost per unit + H. KHI Total Calculate the Ending Inventory and cost of Goods Sold using Periodic LIFO LIFO Ending Inventory Hol Units Cost per unit Description Total LIFO Cost of Goods Sold woruntu Cost per unit Descrution Total Calculate the Ending Inventory and cost of Good Sold using Periodic Weighted Ava WEIGHTED AVERAGE Ending Inventory WEIGHTED AVERAGE Cost of Goods Sold 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 las lor calculations and rele 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. FIFO Ending Inventory # of Units Cost per unit Description Total cost REQ. C. Answers: FIFO Cost of Goods Sold # of Units Cost per unit Description Total cost 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
