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1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. ? - B Inventory costing methods - Excel FORMULAS DATA REVIEW VIEW Sign In FILE HOME INSERT PAGE LAYOUT Calbri M -11 % X La - AA Cells Paste Editing > BTU- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font x Better Bottles, Inc., uses a periodic inventory system and has the following - E F B D 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 27 22.00 594.00 6 Jan. 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 $ 1984.00 Less: January Sales 36 9 Ending Inventory 44 10 Required: 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 1 5 FIFO Ending Inventory 6 Description # of Units Cost per Unit Total Cost 7 Jan. 20 Purchase 8 Jan. 15 Purchase 9 44 B A 20 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 21 22 Description 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. LIFO Ending Inventory # of Units Cost per Unit Total Cost Description Beginning Inventory Jan. 15 Purchase 44 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 36 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below, Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 3 4 $ Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit -6 17 18 59 50 51 52 Weighted Average Ending Inventory # of Units Cost per Unit Total Cost + Weighted Average Cost of Goods Sold Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 54 55 56 4) 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 Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64

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