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please solve in excel and show with and without formula version of the answer A January 1 Year 2, the accounting records of Ginger's Boutique
please solve in excel and show with and without formula version of the answer
A January 1 Year 2, the accounting records of Ginger's Boutique had the following balances $15) Cash Inventory Common stock Retained earnings $1,000 2,250 (150 units 2,000 1,250 During January, Ginger's Boutique entered into five cash transactions 1. Purchased 120 units of inventory S16 cach. 2. Purchased 160 units of inventory S17 cach. 3. Sold 30 units of inventory S30 each. 4. Incurred 1,700 of operating expenses. 5. Paid income tax at the rate of percent of income before taxes. Required a. Set up rows I through 10 of the following spreadsheet to compute cost of goods sold and ending inventory, assuming (1) FIFO, (2) LIPO, and (3) weighted average cost flows. Notice that the FIFO cost flow has already been completed for you. Use columns through W io complete the LIFO and weighted average cost flow computations. Be sure to use formulas for all calculations. DUS. Source: Microsoft Office Excel 1997 b. In rows 13 through 31, compute the amount of net income and net cash flow from operations under FIFO, LIFO, and weighted average. The FIFO column has been provided as an example. A January 1 Year 2, the accounting records of Ginger's Boutique had the following balances $15) Cash Inventory Common stock Retained earnings $1,000 2,250 (150 units 2,000 1,250 During January, Ginger's Boutique entered into five cash transactions 1. Purchased 120 units of inventory S16 cach. 2. Purchased 160 units of inventory S17 cach. 3. Sold 30 units of inventory S30 each. 4. Incurred 1,700 of operating expenses. 5. Paid income tax at the rate of percent of income before taxes. Required a. Set up rows I through 10 of the following spreadsheet to compute cost of goods sold and ending inventory, assuming (1) FIFO, (2) LIPO, and (3) weighted average cost flows. Notice that the FIFO cost flow has already been completed for you. Use columns through W io complete the LIFO and weighted average cost flow computations. Be sure to use formulas for all calculations. DUS. Source: Microsoft Office Excel 1997 b. In rows 13 through 31, compute the amount of net income and net cash flow from operations under FIFO, LIFO, and weighted average. The FIFO column has been provided as an exampleStep by Step Solution
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