Comparing Inventory Costing Methods using Excel's SUM and Basic Math Functions and Cell References.

Better Bottles, Incorporated uses a periodic inventory system and has provided its current inventory information. The Controller has asked 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. In the Excel Simulation below, if $"=$B$5"$ is entered in a blank cell, the formula outputs the result from cell B$5,$ which is $27$ 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$).$ In the Excel Simulation below, if $"=$B$4+$B$5"$ is entered in a blank cell, the formula adds the values from those cells and outputs the result, which is $47$ in this example. If using the other math symbols, the result is an appropriate answer for the 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. In the Excel Simulation below, if $"=$SUM$($C$4,$C$5,$C$6)"$ is entered in a blank cell, the formula outputs the result of adding those three separate cells, which is $$72\mathrm{.}00$ in this example. Similarly, if $"=$SUM$($C$4$:C$6)"$ is entered, the formula outputs the same result of adding those cells even though they are expressed as a range in the formula, so the result is $$72\mathrm{.}00$ in this example.