Comparing Inventory Costing Methods 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. Description Beginning Inventory Jan. 15 Purchase Jan. 20 Purchase Goods Available for Sale Less: January Sales Ending Inventory Required: of Units Cost per Unit $ 20.00 22.00 30.00 20 27 33 80 36 44 Total Cost $ 400.00 594.00 990.00 $1,984.00 1. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 2. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 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. 4. Use the given information and your calculated numbers to complete the Cost of Goods Sold Equation below for all three inventory methods. (All numbers should be positive.) Here are some tips for using Excel: . Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "85" into a blank cell, the formula would output the value from cell B5. • Basic Math Functions: Allow 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). For example, if you entered "#84+85" in a blank cell, the formula would add the values from those cells and output the result. • SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "SUM(C4:C6), the formula would output the same result of adding those cells. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.