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I am stuck, please help me solve this and provide a thorough explanation on which formulas to insert. Thank you. FIFO LIFO REQUIRED: Determine the
I am stuck, please help me solve this and provide a thorough explanation on which formulas to insert. Thank you.
FIFO
LIFO
REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO. Notice that the sum of cost of goods sold, $0, plus ending inventory, $4,640, equals total cost of goods available for sale, $25,880. REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO. \begin{tabular}{|c|c|c|c|c|c|} \hline \begin{tabular}{l} Calculate cost of goods sold for the \\ January 11 sale of 350 units. \end{tabular} & 350 & units@ & $12 & per unit = & $4,200 \\ \hline \multirow{7}{*}{\begin{tabular}{l} Calculate cost of goods sold for the \\ January 17 sale of 530 units. \end{tabular}} & & units@ & & units@ & \\ \hline & & units@: & $12 & units@ & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{6}{|c|}{ Total Cost of Goods Sold for January - 1,520 units } \\ \hline & & & & & \\ \hline Ending Inventory - Perpetual LIFO: & \begin{tabular}{c} Units in \\ Ending \\ Inventory \end{tabular} & @ & \begin{tabular}{c} Cost per \\ unit \end{tabular} & = & \begin{tabular}{l} Inventory \\ Balance \end{tabular} \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{5}{|c|}{ Total Ending Inventory for January - 290 units } & \\ \hline \end{tabular}
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