Chapter 7 Excel 1 10 points eBook Print References Saved Help S Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The Controller has as you to prepare a comparison of the Ending Inventory and Cost of Goods Sold totals for three different inventory costing methods: Periodic FIFO, LIFO, and Weighted-Average. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B5" was entered, the formula would output the result from cell B5, or 27 in this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: +(plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and /(forward slash to divide). From the Excel Simulation below, if in a blank cell "-B4+B5" was entered, the formula would add the values from those cells and output the result, or 47 in this example. If using the other math symbols the result would output an appropriate answer for its function. SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C4, C5, C6)" was entered, the formula would output the result of adding those three separate cells, or $72.00 in this example. Similarly, if in a blank cell "=SUM(C4:C6)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be $72.00 in this example. FILE HOME INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW VIEW Calibri 11 - ' ' % Paste BIU Alignment Number Conditional Format as Cell Cells Formatting Table Styles Clipboard Font Styles 1 Sign In M Editing fx Better Bottles, Inc., uses a periodic inventory system and has the following B 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: E 2 3 Description 4 Beginning Inventory 5 Jan. 15 Purchase Ian 20 Dumabasa. # of Units 20 $ 27 Cost per Unit 20.00 $ 22.00 Total Cost 400.00 594.00 33 20.00 000.00 F Chapter 7 Excel i Saved Inventory costing methods - Excel PAGE LAYOUT FORMULAS DATA ? 4 - REVIEW VIEW - 11 - ' ' % M Alignment Number Conditional Format as Cell Cells Formatting Table Styles Editing Styles 1 FILE HOME INSERT Calibri Paste BIU 10 Clipboard Font points A1 A fx Better Bottles, Inc., uses a periodic inventory system and has the following B D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: E eBook 2 3 Description 4 Beginning Inventory Print 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale References 8 Less: January Sales 9 Ending Inventory 10 11 # of Units 20 S Cost per Unit 20.00 $ Total Cost 400.00 27 22.00 594.00 33 30.00 990.00 80 $ 1,984.00 36 44 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. FIFO Ending Inventory 14 15 19 20 21 22 Q2 2 2 2 16 Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase Description 23 Beginning Inventory Ion 15 Duraboca Sheet1 # of Units 44 Cost per Unit Total Cost FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Sign In F v Sign In Chapter 7 Excel i 1 FILE 3.2. Saved Inventory costing methods - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA ? - REVIEW VIEW Calibri - 11 ' ' % Paste BIU Alignment Number Conditional Format as Cell Cells Formatting Table Styles Editing 10 Clipboard Font Styles points Al fx Better Bottles, Inc., uses a periodic inventory system and has the following A B E 21 eBook 22 Description 23 Beginning Inventory 24 Jan. 15 Purchase Print 25 26 o FIFO Cost of Goods Sold # of Units 36 Cost per Unit Total Cost 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. LIFO Ending Inventory References 28 29 30 Description 31 Beginning Inventory 32 Jan. 15 Purchase 33 34 35 36 Description 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 40 # of Units 44 Cost per Unit Total Cost LIFO Cost of Goods Sold # of Units 36 Cost per Unit Total Cost 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 As Sheet1 F Chapter 7 Excel i HOME 1 FILE INSERT * Calibri Paste BIU 10 Clipboard Font points A1 eBook Saved Inventory costing methods - Excel PAGE LAYOUT FORMULAS DATA - 11 ' ' % ? - REVIEW VIEW Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing x A fx Better Bottles, Inc., uses a periodic inventory system and has the following B 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. E 43 44 Print 45 46 Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale = 47 References 48 49 # of Units Weighted Average Ending Inventory Cost per Unit Total Cost 50 51 52 53 # of Units Weighted Average Cost of Goods Sold 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 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 Sheet1 FIFO LIFO Wtd. Avg. Sign In per unit