Question: Need help on all highlighted yellow boxes. Must use an excel formula for answer, I cannot just type in the numbers. Better Bottles, Incorporated uses

Need help on all highlighted yellow boxes. Must use an excel formulafor answer, I cannot just type in the numbers. Better Bottles, Incorporateduses a periodic inventory system and has provided its current inventory information.The Controller has asked you to prepare a comparison of the EndingInventory and Cost of Goods Sold totals for three different inventory costing

Need help on all highlighted yellow boxes. Must use an excel formula for answer, I cannot just type in the numbers.

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. 17 Required: 18 1. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 19 (Use cells A4 to D10 from the given information to complete this question.) 20 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ FIFO Cost of Goods Sold } \\ \hline Description & \# of Units & Cost per Unit & Total Cost \\ \hline Beginning Inventory & & & \\ \hline January 15 Purchase & & & \\ \hline & & & \\ \hline \end{tabular} 47 48 3. Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 49 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 50 (Use cells A4 to D10 from the given information to complete this question.) 51 52 53 Weighted Average Cost = 54 55 Weighted Average Ending Inventory 56 57 58 59 Weighted Average Cost of Goods Sold 60 61 62 Cost of Goods Available for Sale Number of Units Available for Sale \begin{tabular}{|l|l|} \hline Cost per Unit & Total Cost \\ \hline \end{tabular} Cost per Unit = per unit 62 63 4. Use the given information and your calculated numbers to complete the Cost of Goods Sold Equation below for 64 all three inventory methods. (All numbers should be positive.) 65 (Use cells A4 to D10 from the given information to complete this question.) 66 67 \begin{tabular}{l|l|l|l|} \hline & FIFO & LIFO & \begin{tabular}{l} Weighted \\ -Average \end{tabular} \\ \hline Beginning Inventory & \\ Add: Purchases \\ Goods Available for Sale \\ Less: Ending Inventory \\ Cost of Goods Sold \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!