Question

1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units 20 S $ Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory Cost per Unit 20.00 22.00 30,00 Total Cost 400.00 594,00 331 990.00 1.94.00 Bol 12 Required: 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic Firo. FIFO Ending Inventory of Units Cost per Unit 30.00 22.00 Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase S Total Cost 990.00 242.00 1.232.00 $ FIFO Cost of Goods Sold of Units Cost per Unit 20 $ 20.00 Total Cost 400.00 $ Description 23 Beginning inventory • Sheeti ... READY Attempt(s) Prev 1 of 7 Next >

Answer 1

1) FIFO Description Jan. 20 Purchase Jan. 15 Purchase FIFO ENDING INVENTORY # of Units Cost per Unit 33 $ 30.00 $ 11 $ 22.00 $ $ Total Cost 990.00 242.00 1,232.00 44 Description Beginning inventory Jan. 15 Purchase FIFO COST OF GOODS SOLD # of Units Cost per Unit 20 $ 20.00 16 $ 22.00 $ $ $ Total Cost 400.00 352.00 752.00

2) LIFO Description Beginning inventory Jan. 15 Purchase LIFO ENDING INVENTORY # of Units Cost per Unit 20 $ 20.00 $ 24 $ 22.00 $ 44 $ Total Cost 400.00 528.00 928.00 Description Jan. 20 Purchase Jan. 15 Purchase LIFO COST OF GOODS SOLD #of Units Cost per Unit 33 $ 30.00 3 § 22.00 36 $ $ $ Total Cost 990.00 66.00 1,056.00

$ 3) WEIGHTED AVERAGE COST Cost of goods available for sale # of units available for sale Weighted average cost per unit 1,984.00 80.00 24.80 $ a:b Total Cost Weighted # of Units Average Cost per Unit b 44 $ 24.80 36 $ 24.80 ENDING INVENTORY COST OF GOODS SOLD $ $ axb 1,091.20 892.80

FIFO:

• FIFO stands for First In First Out.
• Under this method of inventory valuation, the oldest purchased inventory items are recorded as sold first in the books of accounts. That is, the ending inventory will always reflect the most recent purchase cost.

LIFO

• LIFO stands for Last In First Out.
• Under this method of inventory valuation, the latest purchased inventory items are recorded as sold first in the books of accounts. That is, the ending inventory will be valued at the earliest purchase cost.

WEIGHTED AVERAGE COST

• Under this method, the ending inventory is valued at the weighted average cost per unit.
• The weighted average cost per unit = Cost of inventory available for sale ÷ Number of units available for sale
• Cost of inventory available for sale = Beginning inventory + net purchases

Answer 2

    How do i get the amount (value ) in formula for this period