Im trying to solve this using Excel, but i really need help. i am stuck.

LU 18-1a

EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS

From the following, calculate (a) the cost of ending inventory and (b) the cost of goods sold under the assumption of (1) weighted average, (2) FIFO, and (3) LIFO (ending inventory shows 58 units):

January 1 inventory March 1

April 1

November 1

Number of books purchased for resale

20 60 40 50

Cost per unit

$4 3 5 7

Total

$ 80 180 200 350 

LU 18-2a

EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS

1. From the following, calculate the cost of ending inventory using the retail method (round the cost ratio to the nearest tenth percent):

January 1inventory at cost January 1inventory at retail Net purchases at cost

Net purchases at retail

Net sales at retail

$ 19,000 60,000 265,000 392,000 375,000

2. Given the following, calculate the estimated cost of ending inventory using the gross profit method:

Gross profit on sales

Beginning inventory, January 1, 2017 Net purchases

Net sales at retail for January

30% $30,000 $ 8,000 $16,000