A B E F 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 Cost per Unit 20 $ 3 Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales Ending Inventory # of Units Total Cost 20.00 $ 400.00 27 22.00 594.00 33 30.00 990.00 80 $ 1,984.00 36 9. 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 FIFO Ending Inventory # of Units 15 16 Description Cost per Unit 33 $ Total Cost 17 Jan. 20 Purchase 30.00 $ 990.00 18 Jan. 15 Purchase 11 22.00 242.00 19 44 1,232.00 20 19 44 1,232.00 20 21 FIFO Cost of Goods Sold 22 Description 23 Beginning Inventory 24 Jan. 15 Purchase # of Units Cost per Unit Total Cost 20 $ 20.00 $ 400.00 16 22.00 352.00 25 36 $ 752.00 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 LIFO Ending Inventory 29 30 Description 31 Beginning Inventory 32 Jan. 15 Purchase # of Units Cost per Unit Total Cost 20 $ 20.00 $ 400.00 24 22.00 528.00 33 44 $ 928.00 34 35 LIFO Cost of Goods Sold Cost per Unit 33 $ 36 Description # of Units Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 30.00 $ 990.00 3 22.00 66.00 A D E F 36 Description # of Units Cost per Unit 30.00 $ Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 33 $ 990.00 3 22.00 66.00 39 36 1,056.00 40 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 43 44 Cost of Goods Available for Sale 45 Weighted Average Cost = 46 Number of Units Available for Sale per unit 47 Weighted Average Ending Inventory Cost per Unit 48 49 # of Units Total Cost 50 51 52 Weighted Average Cost of Goods Sold 53 # of Units Cost per Unit Total Cost 54 55