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: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.6DC
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BIU
A
Paste
$ %
Merge & Ceter v
Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off?
1
fx Formula: Multiply; Cell Referencing
A
B.
D.
E
H.
J K L
M
N.
Formula: Multiply; Cell Referencing
Using Excel to Determine Ending Inventory
Student Work Area
PROBLEM
In its first month of operations, McLanie Company made three
purchases of merchandise in the following sequence:
Required: Provide input into cells shaded in yellow in this
template. Use a cell references and mathematical formulas for
calculations.
Purchase $
1.
Units
300
Unit Cost
24
%$4
24
Units
Unit Cost
Total Cost
at
6.00
a.
FIFO
200
2.
400
at
8.00
3.
500
at
9.00
b. LIFO
200
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
Transcribed Image Text:BIU A Paste $ % Merge & Ceter v Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 1 fx Formula: Multiply; Cell Referencing A B. D. E H. J K L M N. Formula: Multiply; Cell Referencing Using Excel to Determine Ending Inventory Student Work Area PROBLEM In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: Required: Provide input into cells shaded in yellow in this template. Use a cell references and mathematical formulas for calculations. Purchase $ 1. Units 300 Unit Cost 24 %$4 24 Units Unit Cost Total Cost at 6.00 a. FIFO 200 2. 400 at 8.00 3. 500 at 9.00 b. LIFO 200 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
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