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Inventory Costing Methods using Excel's SUM and Basic Math Functions 11 5 points . eBook 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 "ESUM(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:B6)" 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. Print Reference KB 5 Inventory costing methods - Excel FILE HOME INSERT PAGE FORMULAS DATA REVIEW VIEW Sign In Calibri 11 Paste BIU. B. A AlignmenumbeonditioFormat Cell Cells Formattiras Styles Clipboard Font Styles A1 > f Better Bottles, Inc., uses a periodic inventory system and has the follo B D E 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 3 Description # of Units Cost per Unit Total Cost 4 Beginning Inventory 20 $ 20.00 $ 400.00 5 Jan. 15 Purchase 271 22.00 594.00 6 Jan. 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 $ 80 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 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 20 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory Sheet1 + READY +100% Attempt(s) Hint B Inventory Costing Methods using Excel's SUM and Basic Math Functions 11 5 points . eBook 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 "ESUM(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:B6)" 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. Print Reference A B KH 5. Inventory costing methods - Excel FILE HOME INSERT PAGE FORMULAS DATA REVIEW VIEW Sign In Calibri 11 Paste BIU.E. A AlignmentumbefonditioFormat Cell Cells Formattiras Styles Clipboard Font Styles A1 Better Bottles, Inc., uses a periodic inventory system and has the follo D E FA 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 20 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 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 Sheet1 + B READY Attempt(s) +100% Hint Inventory Costing Methods using Excel's SUM and Basic Math Functions 11 5 points . eBook 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 "ESUM(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:B6)" 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. Print Reference KH 5. Inventory costing methods - Excel FILE HOME INSERT PAGE FORMULAS DATA REVIEW VIEW Sign In Calibri 11 Paste AlignmehlumbefonditioFormat Cell Cells Formattiras Styles Clipboard Font Styles A1 f Better Bottles, Inc., uses a periodic inventory system and has the follo A B D E F 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 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 39 36 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. 43 44 45 Weighted Cost of Goods Available for Sale Average Costa Number of Units Available for Sale per unit 47 Hinta ART Sheet1 READY +100% Attempt(s) Hint 46 B Inventory Costing Methods using Excel's SUM and Basic Math Functions 11 5 points . eBook 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 "ESUM(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:B6)" 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. Print Reference KB 5 Inventory costing methods - Excel FILE HOME INSERT PAGE FORMULAS DATA REVIEW VIEW Sign In Calibri 11AA Paste B I J A AlignmenumbefonditioFormat Cell Cells Formattir as Styles Clipboard Font Styles A1 > Better Bottles, Inc., uses a periodic inventory system and has the folle f B D E F 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. 43 Iper unit 45 Weighted Cost of Goods Available for Sale 46 Average Cost - Number of Units Available for Sale 47 48 Weighted Average Ending Inventory 49 #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 55 564) 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.) 58 FIFO LIFO Wid. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 65 Sheet1 + IBI READY Attempt(s) + 60% Hint