Problem11 Excel A Alexis Byme (AMBVRNGB48 Fle Home Insert Page Layout Fermulas Data Review p Search View Help dShare Arial A A 10 tWap Text - Pate BIU- A # Merge &Center , | $ % Condtional Fomat as Cel Formatting Table Styles Insert Delete Foemal Sort & Find & Fiter Select Cipboard Font Alignment Number Styles Celh Edting 010 Merchandising Transactions Involving FIFO and LIFO Inventory Valuation The following are transactions for a single product for a meechandsing company for three months March, April, and May Answer the following questions for both FIFO and LFO Use the data on the right AND the FIFO grid and LIFO gid tabs 3/3 3/8 3/11 3/30 60 units @cost $1,500 120 units@cost $1,800 80 unts sold for $5,000 50 units@sold for $5,000 100 unitscost $2,000 60 units @sold for 55,000 30 units @sold for $5,000 100 units @cost $2,200 60 units @sold for $5,250 80 units@sold for $5,250 180 unts cost $2.400 90 units@sold for $6,250 Beginning inventory Purchase Sale Sale FIFO 60 LIFO How many units were sold in March? What was total sales in dollars in March? 2 3 What was total cost of merchandise sold in March?" What was gross profit for the month of March? How many units are in inventory at the end of March? What is the value of ending imventory at the end of March? 4/8 Purchase Sale 4/10 4/19 5 6 Sale 4/28 5/5 5/16 5/21 5/28 Purchase Sale How many units were sold in Apri? What was total sales in dolars in Aprl What was total cost of menchandise sold in April? What was gross profit for the month of Apri How many units are in inventory at the end of Apri? What is the value of ending inventory at the end of Apr Sale 2 Purchase Sale DIRECTIONS How many units were sold in May? What was total sales in dollars in May? What was total cost of merchandise sold in May What was gross profit for the month of May? How many units are in inventory at the end of May? 6 Complete the cost grid on the FIFO grid tab below 1 Complete the cost grid on the LIFFO grid tab below 2 Answer the questions to the nght on this page 3 Total Scoring Number Comect 0 Gde o% What is the value of ending imventory at the end of May? Bossible 36 Questions wo.grid LIFO.grid Questions Ready ASUS Problem11 Excel AutoSave p Search File View ome Insert Page Layout Formulas Data Review Help 2 Wrap Text Arial A A 1C Paste I V C Merge & Center $ % Far Clipboard Font Alignment Number G12 1800 FIFO Total columns will calculate automatically This grid does not grade Purchases Cost of Merchandise Sold Units Inventory Balance Units 60 Date Units Total Cost Cost Total Cost Total 3/3 $1,500 $90,000 120 3/8 $216,000 $1.800 3/11 80 $1,800 $144,000 3/30 50 $90,000 $1,800 Questions FIFO grid LIFO grid Ready ASUS Problem11 Excel AutoSave p Search Data View Help Review Page Layout Formulas Home File Insert Wrap Text X A A Arial Conditional 4 Formatting $ 6 Merge &Center EE Paste A IV Number Alignment Font Cipboard X A1 LIFO This grid does not grade. Total cokumns wil calculate automatically Inventory Balance Cost $1.500 Purchases Cost Cost of Merchandise Sold Total Total Date 3/3 Units Units Cost Total Units. $90,000 60 FIFO grid Questions LIFO Qrid Ready ASUS
