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RE ter to un 1 Function: SUM; Formula: Multiply, Subtract; Cell Referencing 2 3 Using Excel to Compute Ending Inventory Using FIFO 4 and LIFO 5 PROBLEM 6 In its first month of operations, Weatherall Company made 17 three purchases of merchandise in the following sequence: 8 9 Purchase $ Units Unit Cost 10 1 300 $ 6.00 11 2 400 7.00 12 200 8.00 13 14 Weatherall uses a periodic inventory system. It also 15 provided the following information: 9 C 3 16 Units on hand 17 18 380 19 N cing Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work area as indicated. List the newer units first for FIFO and the older units first for LIFO. Compute the cost of the ending inventory under the a. FIFO method Units 200 Unit Cost $ 8.00 Total Cost $ 1,600 180 $ 7.00 1,260 380 $ 2,860 b b. LIFO method 300 $ 6.00 $ 1,800 80 $ 7.00 560 380 $ 2,360 ***