D L M N P AB E F G 1 Function: Sum; Formula: Add, Multiply, Divide, Subtract; Cell Referencing 2 4 3 BE8.17 - Using Excel to Determine Periodic Inventory Costs PROBLEM 5 More & More Limited uses a periodic inventory system. The following 6 additional information is available: 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. 7 8 9 10 Units 200 400 June 1 inventory June 15 purchase June 23 purchase a Unit Cost $ 12 14 15 Total Cost $ 2,400 5,600 6,000 $ 14,000 Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. 11 400 12 1.000 Weighted average cost per unit 13 14 Units sold 600 Ending inventory 15 16 Cost of goods sold 17 18 b. Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula. 19 20 21 Ending inventory 22 23 24 Cost of goods sold 25 C. 26 27 28 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. 29 30 Units Sold Unit Cost 200 $ 300 100 31 32 12.00 14.00 15.00 33 34 35 Ending inventory Units from June 1 inventory Units from June 15 inventory Units from June 23 inventory 36 37 38 39 40 41 Cost of goods sold Units from June 1 inventory Units from June 15 inventory Units from June 23 inventory 42 43 44