AB 1 2 D E G H JKL Function: Sum; Formula: Add, Multiply, Divide, Subtract; Cell Referencing 3 Using Excel to Determine Periodic Inventory Costs 4 PROBLEM 5 More & More Limited uses a periodic inventory system. The 6 following additional information is available: 150 Total Cost M N 0 Q R S T U Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or to the work area as applicable. Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. Weighted average cost per unit Ending inventory Cost of goods sold b. Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula. 7 8 Units Unit Cost 9 June 1 inventory 200 $ 12 $ 2,400 a. 10 June 15 purchase 400 14 11 June 23 purchase 400 15 5,600 6,000 12 1,000 $ 14,000 13 14 Units sold 600 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Ending inventory Cost of goods sold c. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method assuming the following units were sold on June 24. Units Sold Unit Cost 200 $ 12.00 300 14.00 15.00 100 Ending inventory Units from June 1 inventory 36 37 38 39 Units from June 15 inventory Units from June 23 inventory