Inventory Costing Methods using Excel's SUM and Basic Math Functions 1 Better Bottles, Inc. uses a periodic inventory system and has provided its January inventory account activity. The Controller has asked you to calculate the Ending Inventory and Cost of Goods Sold values using periodic FIFO, LIFO, and Weighted Average Cost methods. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. S 01:18:31 Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=C6" was entered the formula would output the result from cell C6, or 30.00 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). From the Excel Simulation below, if in a blank cell "=C5+C6" was entered, the formula would add the values from those cells and output the result, or 52.00 in this example. If using the other math symbols the result would output an appropriate answer for its 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. From the Excel Simulation below, if in a blank cell"=SUM(B4,B5,B6)" was entered the formula would output the result of adding those three separate cells, or 80 in this example. Similarly, if in a blank cell "=SUM(B4:B6)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 80 in this example. Book Print 3 erences ? 3 5 X Inventory costing methods - Excel FORMULAS DATA FILE HOME INSERT PAGE LAYOUT REVIEW VIEW Sign In 16 EC- Calibri - 11 -A A Paste BIU - EB-A Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 f Better Bottles, Inc., uses a periodic inventory system and has the following E F B D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 3 Description # of Units Cost per Unit Total Cost 4 Beginning Inventory 20 $ 20.00 $ 400.00 5 Jan. 15 Purchase 27 22.00 594.00 Tan On Dunne 20 m - Prev 1 of 1 ! Next DAIA REVIEW VIEW Sign In Calibri 11 - A A 96 M ED Paste BIU- EN . Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font A1 X for Better Bottles, Inc., uses a periodic inventory system and has the following 8:27 E F A B C D 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 2 3 Description # of Units Cost per Unit Total Cost 4 Beginning Inventory 20 $ 20.00 $ 400.00 5 Jan. 15 Purchase 27 22.00 594.00 6 Jan. 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 $ 1,984.00 8 Less: January Sales 36 9 Ending Inventory 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 es 20 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 21 22 Description 23 Beginning Inventory 0.4 llan 15 Deobace Sheet1 KT Prev 1 of 1 Next > 3:18 me ng 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 20 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory 24 Jan. 15 Purchase ES 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 Sheet1 READY 100% Attempt(s) Hint IB K Prev 1 of 1 Next E F ats 01:18:06 eBook A B D 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory 30 Description # of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 34 35 LIFO Cost of Goods Sold 36 Description # of Units Cost per Unit Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 36 40 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 43 44 Weighted Cost of Goods Available for Sale 46 Average Cost = Number of Units Available for Sale 47 Print eferences 45 Iper unit 40 Woahted Avarona Tindinn Inventar Sheet1 BE + READY ell + 100% Attempt(s) Hint aw 11