50.1K

Verified Solution

Link Copied!

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.) 33 2. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 34 (Use cells A4 to D10 from the given information to complete this question.) 3. Using Periodic Weighted Average, first calculate the cost per unit using the formula below. Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. (Use cells A4 to D10 from the given information to complete this question.) WeightedAverageCost=NumberofUnitsAvailableforSaleCostofGoodsAvailableforSale= 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.) (Use cells A4 to D10 from the given information to complete this question.) 74 75 76 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to sho 77 Nothing in this area will be graded, but it will be submitted with your assignment. 78 70

Answer & Explanation Solved by verified expert

See Answer