Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period. 1. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). \begin{tabular}{l|l|l|l} Cost of Goods Sold & Total COGS after Sale 1 & Inventory Remaining & Total Inventory Balance after Sale 1 \end{tabular} Totals: 2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Totals: 3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 3 Inventory Remaining Total Balance after Sale 3 Totals: 4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods sold Total COGS after Sale 4 Inventory Remaining Total Balance after Sale 4 Totals: 5. Calculate the values below ( 3 points total. For all calculations, must use a formula in the cell to get full credit) Ending inventory units: Ending inventory account balance: Cost of Goods Sold account balance: Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period. 1. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). \begin{tabular}{l|l|l|l} Cost of Goods Sold & Total COGS after Sale 1 & Inventory Remaining & Total Inventory Balance after Sale 1 \end{tabular} Totals: 2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Totals: 3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 3 Inventory Remaining Total Balance after Sale 3 Totals: 4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4. Must show each component of the calculation on a separate line. Refer to the Excel examples. ( 3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods sold Total COGS after Sale 4 Inventory Remaining Total Balance after Sale 4 Totals: 5. Calculate the values below ( 3 points total. For all calculations, must use a formula in the cell to get full credit) Ending inventory units: Ending inventory account balance: Cost of Goods Sold account balance
