BIUAPaste$ %Merge & Ceter vOpen recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off?1fx Formula: Multiply; Cell ReferencingAB.D.EH.J K LMN.Formula: Multiply; Cell ReferencingUsing Excel to Determine Ending InventoryStudent Work AreaPROBLEMIn its first month of operations, McLanie Company made threepurchases of merchandise in the following sequence:Required: Provide input into cells shaded in yellow in thistemplate. Use a cell references and mathematical formulas forcalculations.Purchase $1.Units300Unit Cost24%$424UnitsUnit CostTotal Costat6.00a.FIFO2002.400at8.003.500at9.00b. LIFO200McLanie uses a periodic inventory system. It also provided thefollowing information:Units on hand200Compute the cost of the ending inventory under thea.FIFO methodb.LIFO method

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Description: BIUAPaste$ %Merge & Ceter vOpen recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off?1fx Formula: Multiply; Cell ReferencingAB.D.EH.J K LMN.Formula: Multiply; Cell ReferencingUsing Excel to Determin

Business

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Using Excel to Determine Ending Inventory PROBLEM In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: Purchase $ Units Unit Cost $4 24 2$ 1 300 at 6.00 400 at 8.00 500 at 9.00 McLanie uses a periodic inventory system. It also provided the following information: Units on hand 200 Compute the cost of the ending inventory under the a. FIFO method b. LIFO method 2 3

Using Excel to Determine Ending Inventory PROBLEM In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: Purchase $ Units Unit Cost $4 24 2$ 1 300 at 6.00 400 at 8.00 500 at 9.00 McLanie uses a periodic inventory system. It also provided the following information: Units on hand 200 Compute the cost of the ending inventory under the a. FIFO method b. LIFO method 2 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
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I→ 3 Tremblay Company began June with 45 units of inventory that cost a total of $900. During June, Tremblay purchased and sold goods as follows: (Click the icon to view the transactions.) Calculate the gross margin amount using the weighted-average method. assuming Tremblay uses a periodic inventory system. Jave Before we can calculate gross margin, we must first determine the cost of goods sold, using the periodic method of costing inventory. Start by determining the formula, and then enter the amounts. (Round your answers to the nearest whole dollar.) Cost of goods available for sale Less: Cost of goods sold More info June 8 Purchase: 65 units at $14.00 June 14 June 22 Sale: 55 units at $32 Purchase: 48 units at $16.00 June 27 Sale: 65 units at $37.00 - X
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Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
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