Please see the picture below for details on the problem. Please be sure to include cell referencing in the answer and the appropriate formula i.e. weighted average unit cost: (C10*E10)+(C11*E11)+(C12*E12)/(C10+C11+C12). I know the answer for the first box is suppose to be 7.9166666667 but I am having difficulty putting that inside excel using cell reference and the correct formula set up. ADGH.KN1 Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing2.3 Using Excel to Cost InventoryStudent Work AreaPROBLEM5 In its first month of operations, McLanie Company made three purchases.6 Information concerning these purchases and units on hand are:Required: Provide input into cells shaded in yellow in this template.Use onlymathematical formulas with cell references to compute the unit cost and thecost of ending inventory.78Cost per Unit$ 6.00Compute the cost of the ending inventory under the average-cost method ina periodic inventory system.9Units10300114008.005009.00Weighted-average unit cost121314Units on hand at period end200Round unit cost to 3 decimals using theROUND function1516 Purchases of merchandise were made in the sequence listed above.Cost of ending inventory17

Answered: Image /qna-images/answer/71e31cac-ba60-4991-b855-5284eafcf9f2.jpg

Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing Using Excel to Cost Inventory PROBLEM In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Units 300 Cost per Unit $ 6.00 10 11 400 500 8.00 12 9.00 13 14 Units on hand at period end 200 15 16 Purchases of merchandise were made in the sequence listed above. 17

Function: ROUND; Formula: Add, Multiply, Divide; Cell Referencing Using Excel to Cost Inventory PROBLEM In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Units 300 Cost per Unit $ 6.00 10 11 400 500 8.00 12 9.00 13 14 Units on hand at period end 200 15 16 Purchases of merchandise were made in the sequence listed above. 17

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Using Excel to Cost Inventory Student Work Area 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. In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Units Cost per Unit Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. 300 $ 6.00 400 8.00 500 9.00 Weighted-average unit cost Units on hand at period end 200 Round unit cost to 3 decimals using the ROUND function Purchases of merchandise were made in the sequence listed above. Cost of ending…
1.Calculate average-cost per unit. 2. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. 3. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (1)FIFO (2)LIFO (3)Average-cost Would amount be same No/Yes? No/Yes? Yes/No? Ending Inventory $ $ $
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Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
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the next two questions use the following facts. The Corner Frame Shop wants to know theeffect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:Units Unit Cost Total CostJun 1 Beginning inventory 2,500 $11.00 $27,5004 Purchase 1,800 $11.80 21,2409 Sale (1,900)Q6-48. If The Corner Frame Shop uses the FIFO method, the cost of the ending inventory will bea. $21,200.b. $20,900.c. $21,240.d. $27,840.