**Please answer the following using an Excel spreadsheet and show the math for each corresponding problem. Thank you!**

1. FIFO

1. Ending Inventory, 2017
2. Cost of Goods Sold, 2017
3. Ending Inventory, 2018
4. Cost of Goods Sold, 2018

2. LIFO

1. Ending Inventory, 2017
2. Cost of Goods Sold, 2017
3. Ending Inventory, 2018
4. Cost of Goods Sold, 2018

3. Weighted Average

1. Ending Inventory, 2017
2. Cost of Goods Sold, 2017
3. Ending Inventory, 2018
4. Cost of Goods Sold, 2018

Problem 2

Assuming that the purchase at the end of each year represents the replacement cost for inventory in that year. Use the data in Problem 2 to calculate Exquisites LIFO Reserve in 2017 and 2018.

1. How much would ABC report as LIFO liquidation in its 2020 financial statements?

2. As a financial analyst assigned to produce a detailed report on the results of operations for ABC in 2020, knowledge of the liquidation would results in you adjusting which ratio(s) in your report? Explain precisely how you would adjust the ratio(s) and the impact on the ratio(s) of your adjustment.

Problem 1 Exquisite Cookie Company started in business in 2017 and sells high-end decorated cookies. The following details purchases of cookies for resale in 2017 and 2018: Date 1/1/2017 2/5/2017 6/23/2017 9/28/2017 Total # of Units 10 40 20 50 120 Per Unit Cost $12 $14 $15 $17 Total Cost $120 $560 $300 $850 $1,830 3/3/2018 7/4/2018 11/24/2018 Total 25 30 60 115 $20 $24 $25 $500 $720 $1,500 $2,720 Ending inventory on December 31, 2017 was 25 cookies and on December 31, 2018 was 35 cookies. If Exquisite Cookie Company uses a periodic inventory system, determine the following dollar amounts using the indicated cost flow assumption. Problem 3 ABC Company uses a LIFO cost flow assumption for it inventory of tires and at the start of 2020 had the following beginning inventory layers: Year of LIFO Layer 1995 2001 2011 # Units 100 56 75 Cost per Unit $35 $43 $65 | During 2020 ABC was not able to purchase as many tires as it sold resulting in the need to include in cost of goods sold the cost of 95 units of its beginning inventory. The price of tires purchased in 2020 held constant throughout the year at $78 per tire