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All answers must be entered as a formula. Click OK to begin. OK Help Inventory Costing Methods using Excel's SUM and Basic Math Functions Better Bottles, Inc. uses a periodic Inventory system and has provided its January Inventory account activity. The Controller has asked you to calculate the Ending Inventory and Cost of Goods Sold values using periodic FIFO, LIFO, and weighted Average Cost methods. Use the Information included in the Excel Simulation and the Excel functions described below to complete the task. . Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below. If in a blank cell, --C6* was entered, the formula would output the result from cell C6, or 30.00 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"-C5+C6" was entered the formula would add the values from those cells and output the result or 52.00 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-SUM(B4,B5, B6)" was entered the formula would output the result of adding those three separate cells, or 80 In this example. Similarly, if in a blank cell" SUM(B4:36)" 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 80 In this example. E F A B C 1 Better Bottles, Inc., uses a periodic Inventory system and has the following information available: D 2 3 Description or Units Cost per Unit Total Cost 4 Beginning Inventory 20 S 20.00 $ 400.00 5 Jan. 15 Purchase 27 22.00 594.00 6 Jan. 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 S 1,984.00 8 Less: January Sales 36 9 Ending Inventory 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory of Units Total Cost Cost per Unit Description 16 17 Jan, 20 Purchase 18 Jan. 15 Purchase 44 19 20 FIFO Cost of Goods Sold 21 #of Units Cost per Unit 22 Description 23 Beginning Inventory Sheet1 Total Cost 100% TET READY Attempt(s) and has the following B D B 20 sea ok 21 FIFO Cost of Goods Sold 22 Description of Units Cost per Unit Total Co 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory 30 Description #of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 34 35 LIFO Cost of Goods Sold 36 Description # of Units Cost per Unit Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 36 39 40 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 int ences 100% READY Attempt(s) 49 inventory system and has the following B 40 D E 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 Weighted Cost of Goods Available for Sale 46 Average Cost = Number of Units Available for Sale 47 per unit 48 Weighted Average Ending Inventory of Units Cost per Unit Total Cost 50 51 52 Weighted Average Cost of Goods Sold 53 # of Units Cost per Unit Total Cost 54 55 36 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.) LIFO FIFO Wtd. Ave 58 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold Sheet1 100% E READY Attempt(s) ventory system and has the following D B B Number of Units Available for Sale 46 47 A Average Cost = per unit 48 Weihted Average aunting Inventory 49 Pof Units Cont per Unit Total Co 50 51 52 Weighted Average Cost of Goods Sold 53 of Units Cost per Unit Total Cost 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.) FLFO 58 LIFO Wtd. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 65 66 67 100% Sheet1 READY Attempt(s)