Better Bottles, Inc., uses a periodic inventory system and has the following information available: Cost per Unit Total Cost $20.00 Description # of Units Beginning Inventory 20 $400.00 Jan. 15 Purchase 27 22.00 594.00 Jan. 20 Purchase 33 30.00 990.00 Goods Available for Sale 80 $1,984.00 Less: January Sales 36 Ending Inventory 44

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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solve the problem by looking at the given information and show formulas and calculations ......

 

A
В
D
F
28
29 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.
30
31 (Use cells A4 to D10 from the given information to complete this question.)
32
LIFO Ending Inventory
# of Units
33
34
Total Cost
Description
35 Beginning Inventory
Cost per Unit
36
Jan. 15 Purchase
37
44
38
39
LIFO Cost of Goods Sold
40
Description
# of Units
Cost per Unit
Total Cost
41 Jan. 20 Purchase
42 Jan. 15 Purchase
43
36
44
45 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below.
46 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold.
47
48 (Use cells A4 to D10 from the given information to complete this question.)
49
50
Cost of Goods Available for Sale
Weighted Average Cost =
%3D
51
Number of Units Available for Sale
per unit
52
Transcribed Image Text:A В D F 28 29 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 30 31 (Use cells A4 to D10 from the given information to complete this question.) 32 LIFO Ending Inventory # of Units 33 34 Total Cost Description 35 Beginning Inventory Cost per Unit 36 Jan. 15 Purchase 37 44 38 39 LIFO Cost of Goods Sold 40 Description # of Units Cost per Unit Total Cost 41 Jan. 20 Purchase 42 Jan. 15 Purchase 43 36 44 45 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 46 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 47 48 (Use cells A4 to D10 from the given information to complete this question.) 49 50 Cost of Goods Available for Sale Weighted Average Cost = %3D 51 Number of Units Available for Sale per unit 52
File
Home
Insert
Draw
Formulas
Data
Review
View
Help
O Editing
Calibri
V 11
Gen
В35
fx
A
B
C
E
F
1
Better Bottles, Inc., uses a periodic inventory system and has the following information available:
3
4
# of Units
Total Cost
Description
Beginning Inventory
Cost per Unit
20
$20.00
$400.00
6.
Jan. 15 Purchase
27
22.00
594.00
7
Jan. 20 Purchase
33
30.00
990.00
8
Goods Available for Sale
80
$1,984.00
Less: January Sales
10 Ending Inventory
9.
36
44
11
12 Required:
Transcribed Image Text:File Home Insert Draw Formulas Data Review View Help O Editing Calibri V 11 Gen В35 fx A B C E F 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: 3 4 # of Units Total Cost Description Beginning Inventory Cost per Unit 20 $20.00 $400.00 6. Jan. 15 Purchase 27 22.00 594.00 7 Jan. 20 Purchase 33 30.00 990.00 8 Goods Available for Sale 80 $1,984.00 Less: January Sales 10 Ending Inventory 9. 36 44 11 12 Required:
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