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  • Question: - Cell A17: Use CONCAT to enter the text LIFO Inventory Balance: (with colon). (PG-4a) - Cell B17: Enter a formula that calculates the ending inventory balance under LIFO. (PG-4b) Row 18: - Cell A18: Use CONCAT to enter the text FIFO Inventory Balance: (with colon). (PG-4c) - Cell B18: Enter a formula that calculates the ending inventory balance under

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    There are 3 steps to solve this one.
    Solution
    Step 1

    → Last In, First Out Method :


    Periodic LIFO

    Date

    CoG Available for sale

    Cost of goods sold

    Ending Inventory


    Units

    per unit

    Total

    Units

    per unit

    Total

    Units

    per unit

    Total

    Beg. Inventory

    490

    $14.00

    $6,860

    -

    $14.00

    -

    490

    $14.00

    $6,860

    Purchases:










    Purchase #1

    127

    $15.00

    $1,905

    46

    $15.00

    $690

    81

    $15.00

    $1,215

    Purchase #2

    240

    $17.00

    $4,080

    240

    $17.00

    $4,080

    -

    $17.00

    -

    Purchase #3

    85

    $18.00

    $1,530

    85

    $18.00

    $1,530

    -

    $18.00

    -

    Purchase #4

    505

    $19.00

    $9,595

    505

    $19.00

    $9,595

    -

    $19.00

    -

    0

    -

    -

    -

    -

    -

    -

    -

    -

    -

    Total

    1,447


    $23,970

    876


    $15,895

    571


    $8,075


    Explanation:

    Hence,

    Inventory balance = $8,075

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Transcribed image text :
- Cell A17: Use CONCAT to enter the text LIFO Inventory Balance: (with colon). (PG-4a) - Cell B17: Enter a formula that calculates the ending inventory balance under LIFO. (PG-4b) Row 18: - Cell A18: Use CONCAT to enter the text FIFO Inventory Balance: (with colon). (PG-4c) - Cell B18: Enter a formula that calculates the ending inventory balance under FIFO. (PG-4c) Row 19: - Cell A19: Use CONCAT to enter the text WA Inventory Balance: (with colon). (PG-4d) - Cell B19: Enter a formula that calculates the ending inventory balance under the weighted average method. (PG-4d)