Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. Weighted-average unit cost A 7.91667 Incorre Feedba Round unit cost to 3 decimals using the ROUND function 7.917 by multi acquired and divic All amou Cost of ending inventory 1,583.40 area and
Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. Weighted-average unit cost A 7.91667 Incorre Feedba Round unit cost to 3 decimals using the ROUND function 7.917 by multi acquired and divic All amou Cost of ending inventory 1,583.40 area and
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I really need help with this item below. I have tried a few different ways to do this problem, but the top box keeps coming back as incorrect. I know that the amounts are correct, but the first box is wrong for some reason. Please read the feedback boxes and include the appropriate formulas and cell references for this item. This is done through Excel. PLEASE HELP!!!!!! Note that the pictures are the same exact problem, but I used two separate formulas to try and solve this problem.
![Formatting as Table
M12
fx
=(E10*C10+E11*C11+E12*C12)/(C10+C11+C12)
A
C
D E
F
1 Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing
M
N O
P
Q
2
3 Using Excel to Cost Inventory
Student Work Area
4.
5 In its first month of operations, McLanie Company made three purchases.
6 Information concerning these purchases and units on hand are:
PROBLEM
Required: Provide input into cells shaded in yellow in this template.Use only
mathematical formulas with cell references to compute the unit cost and the
cost of ending inventory.
Units
Cost per Unit
$ 6.00
Compute the cost of the ending inventory under the average-cost method in
a periodic inventory system.
10
300
11
400
8.00
12
500
9.00
Weighted-average unit cost
Incorrect
13
7.91667
14
Units on hand at period end
Feedback: The cost of each purchase is determined
by multiplying the cost per unit by the units
acquired. These purchase cost amounts are added
and divided by the total units of the three purchases.
All amounts must be cell referenced to the Problem
area and formulas must be used to add, multiple and
divide the respective amounts.
200
Round unit cost to 3 decimals using the
7.917
15
ROUND function
16 Purchases of merchandise were made in the sequence listed above.
17
Cost of ending inventory
$
1,583.40
18
19
20
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ed1be48-7da0-4374-897d-409d80e10f7e%2Fb71b8761-b7f1-4538-a8d5-95a098fa5c39%2Fciczp7g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Formatting as Table
M12
fx
=(E10*C10+E11*C11+E12*C12)/(C10+C11+C12)
A
C
D E
F
1 Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing
M
N O
P
Q
2
3 Using Excel to Cost Inventory
Student Work Area
4.
5 In its first month of operations, McLanie Company made three purchases.
6 Information concerning these purchases and units on hand are:
PROBLEM
Required: Provide input into cells shaded in yellow in this template.Use only
mathematical formulas with cell references to compute the unit cost and the
cost of ending inventory.
Units
Cost per Unit
$ 6.00
Compute the cost of the ending inventory under the average-cost method in
a periodic inventory system.
10
300
11
400
8.00
12
500
9.00
Weighted-average unit cost
Incorrect
13
7.91667
14
Units on hand at period end
Feedback: The cost of each purchase is determined
by multiplying the cost per unit by the units
acquired. These purchase cost amounts are added
and divided by the total units of the three purchases.
All amounts must be cell referenced to the Problem
area and formulas must be used to add, multiple and
divide the respective amounts.
200
Round unit cost to 3 decimals using the
7.917
15
ROUND function
16 Purchases of merchandise were made in the sequence listed above.
17
Cost of ending inventory
$
1,583.40
18
19
20
%24
![00
.00 0
Conditional Format
Formatting as Table
M12
fx
=G13/C13
C
D E
F
H
1 Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing
L
M
N O
3 Using Excel to Cost Inventory
Student Work Area
Required: Provide input into cells shaded in yellow in this template.Use only
mathematical formulas with cell references to compute the unit cost and the
4.
PROBLEM
5 In its first month of operations, McLanie Company made three purchases.
6 Information concerning these purchases and units on hand are:
cost of ending inventory.
Units
Cost per Unit
$ 6.00
9.
Value
Compute the cost of the ending inventory under the average-cost method in
a periodic inventory system.
10
300
1,800
11
400
8.00
3,200
500
9.00
Incorrect
12
4,500
Weighted-average unit cost
2S 7.91667
1,200
Units on hand at period end
13
9,500
Feedback: The cost of each purchase is determined
by multiplying the cost per unit by the units
acquired. These purchase cost amounts are added
and divided by the total units of the three purchases.
All amounts must be cell referenced to the Problem
area and formulas must be used to add, multiple and
divide the respective amounts.
14
200
Round unit cost to 3 decimals using the
7.917
15
ROUND function
16 Purchases of merchandise were made in the sequence listed above.
17
Cost of ending inventory
1,583.40
18
19
20
P.
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ed1be48-7da0-4374-897d-409d80e10f7e%2Fb71b8761-b7f1-4538-a8d5-95a098fa5c39%2F85nrod9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:00
.00 0
Conditional Format
Formatting as Table
M12
fx
=G13/C13
C
D E
F
H
1 Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing
L
M
N O
3 Using Excel to Cost Inventory
Student Work Area
Required: Provide input into cells shaded in yellow in this template.Use only
mathematical formulas with cell references to compute the unit cost and the
4.
PROBLEM
5 In its first month of operations, McLanie Company made three purchases.
6 Information concerning these purchases and units on hand are:
cost of ending inventory.
Units
Cost per Unit
$ 6.00
9.
Value
Compute the cost of the ending inventory under the average-cost method in
a periodic inventory system.
10
300
1,800
11
400
8.00
3,200
500
9.00
Incorrect
12
4,500
Weighted-average unit cost
2S 7.91667
1,200
Units on hand at period end
13
9,500
Feedback: The cost of each purchase is determined
by multiplying the cost per unit by the units
acquired. These purchase cost amounts are added
and divided by the total units of the three purchases.
All amounts must be cell referenced to the Problem
area and formulas must be used to add, multiple and
divide the respective amounts.
14
200
Round unit cost to 3 decimals using the
7.917
15
ROUND function
16 Purchases of merchandise were made in the sequence listed above.
17
Cost of ending inventory
1,583.40
18
19
20
P.
%24
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