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Using Excel to Determine Ending Inventory

PROBLEM

In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence:

$\backslash$table$[[$Purchase $$,$Units,,Unit Cost,$],[1,300,$at$,$$$,6\mathrm{.}00],[2,400,$at$,$$$,8\mathrm{.}00],[3,500,$at$,$$$,9\mathrm{.}00]]$

McLanie uses a periodic inventory system. It also provided the following information:

Units on hand $200$

Compute the cost of the ending inventory under the

a$.$ FIFO method

FIFO $\frac{\text{U}\text{n}\text{i}\text{t}\text{s}}{200}$UnitCost Total Cost

Compute the cost of the ending inventory under the

b$.$ LIFO method

LIFO $\frac{\text{U}\text{n}\text{i}\text{t}\text{s}}{200}$UnitCostTotalCost