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Please put the the answers in =A7*B7 and not just the number (7) Better Bottles, Incorporated uses a periodic inventory system and has provided its
Please put the the answers in =A7*B7 and not just the number (7)
Better Bottles, Incorporated uses a periodic inventory system and has provided its current inventory information. The Controller has asked 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. | |||||
Description | # of Units | Cost per Unit | Total Cost | ||
Beginning Inventory | 20 | $20.00 | $400.00 | ||
January 15 Purchase | 27 | 22.00 | 594.00 | ||
January 20 Purchase | 33 | 30.00 | 990.00 | ||
Goods Available for Sale | 80 | $1,984.00 | |||
Less: January Sales | 36 | ||||
Ending Inventory | 44 | ||||
Here are some tips for using Excel: | |||||
Cell Reference: | Allows you to refer to data from another cell in the worksheet. If you entered =B5 into a blank cell, the formula would output the value from cell B5. | ||||
Basic Math Functions: | Allow 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). For example, if you entered =B4+B5 in a blank cell, the formula would add the values from those cells and output the result. | ||||
SUM Function: | Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered =SUM(C4,C5,C6) into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered =SUM(C4:C6), the formula would output the same result of adding those cells. | ||||
Required: | |||||
1. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. | |||||
(Use cells A4 to D10 from the given information to complete this question.) | |||||
4. Use the given information and your calculated numbers to complete the Cost of Goods Sold Equation below for all three inventory methods. (All numbers should be positive.)
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