A B C D E G H not earn credit for entering a numbe J K 1 Click on the "FIFO" tab and enter your name in Cell C1. If Cell C1 is left blank, you will not be able to see your score. F 2 Each graded cell is highlighted in yellow. Enter formulas for all dollar amounts. 3 The formula must only contain cell addresses. 4 Each correct formula will begin with, +, or. 5 After completing the FIFO tab, proceed to the LIFO tab. 6 The basic mathematical operators are +, -, and/ 7 Addition: To add the values in cells A1 and B4, the formula is =A1+84 8 Subtraction: To subtract the value in cell B4 from the value in cell A1, the formula is -A1-84 9 Multiplication: To multiply the values in cells A1 and 84, the formula is "A1*84 10 Division: To divide the value in cell A1 by the value in cell B4, the formula is =A1/84 11 12 Each cell requires a formula, and you will not earn credit for entering a number or text. For example, even if you know that a 13 layer of inventory has been completely used, you can't enter a 0. You must enter a formula to show the purchase, minus the 14 units sold. 15 16 17 18 89 19 < G H The Joe Company reported the following January purchases and sales data for its only product. The company uses a perpetual inventory system. REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO. A B C D E 1 Name: joe 2 Your score: 0% 34567 16 10 00 Units purchased Cost per unit Total Cost Units Sold Selling Price Total Sales of Purchase per unit Date Jan. 1 Beginning inventory 380 $15 $5,700 11 Jan. 11 Sales 300 $50 $15,000 12 Jan. 15 Purchase 570 18 10,260 13 14 15 34569 Jan. 17 Sales 460 $50 23,000 Jan. 21 Purchase 620 20 Jan. 23 Sales 20 12,400 560 $50 28,000 Totals 1,570 $28,360 1,320 $66,000 16 17 18 19. Cost of Goods Sold - Perpetual FIFO: Units Sold Cost per unit Cost of Goods Sold 20 21 Calculate cost of goods sold for the January 11 sale of 300 units. 23 24 25 27 28 29 30 32 Total Cost of Goods Sold for January -1,320 units 33 34 Ending Inventory - Perpetual FIFO: 35 Units in Ending Inventory Cost per unit Inventory Balance 36 37 38 39 Total Ending Inventory Januar 250 4 A B C D E F G H Name: joe Your score: 0% Date Jan. 1 Beginning inventory 380 $15 $5,700 Jan. 11 Sales 300 $50 $15,0 Jan. 15 Purchase 570 18 10,260 Jan. 17 Sales 460 $50 23,00 Jan. 21 Purchase 620 20 12,400 Jan. 23 Sales 560 $50 28,00 6 Totals 1,570 $28,360 1,320 $66,000 8 19 Cost of Goods Sold - Perpetual FIFO: Units Sold Cost per unit = 20 21 23 24 Calculate cost of goods sold for the January 11 sale of 300 units. Cost of Goods Sold 25 27 28 29 30 32 Total Cost of Goods Sold for January -1,320 units 33 34 Ending Inventory - Perpetual FIFO: Units in Ending Cost per unit Inventory Balance 35 Inventory 36 37 38 39 Total Ending Inventory for January - 250 units 40 41 42 43 44 35 The Joe Company reported the following January purchases and sales data for its only product. The company uses a perpetual inventory system. REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO. 345678 Units purchased Cost per Total Cost Units Sold Selling Price Total Sales unit of Purchase per unit 9 Date 10 Jan. 1 Beginning inventory 380 $15 $5,700 11 Jan. 11 Sales 300 $50 $15,000 12 Jan. 15 Purchase 570 18 10,260 13 Jan. 17 Sales 460 $50 23,000 14 Jan. 21 Purchase 620 20 12,400 15 Jan. 23 Sales 560 $50 28,000 16 Totals 1,570 $28,360 1,320 $66,000 17 18 19 Cost of Goods Sold - Perpetual LIFO: Units Sold Cost per unit Cost of Goods Sold 20 21 Calculate cost of goods sold for the January 11 sale of 300 units. 23 24 25 + 27 28 29 30 32 Total Cost of Goods Sold for January 1,320 units 33 34 Ending Inventory - Perpetual LIFO: Units in 35 Ending Inventory Cost per unit Inventory Balance 36 37 38 39 Total Ending Inventory for January-250 units