Please write formulas and show work. please put in excel format

E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 1,940 Unit Cost $3 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,060 2,810 4,190 5 6 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost Ending inventory Cost of goods sold Required information E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 [The following information applies to the questions displayed below.) Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 7,400 Unit Cost $12 Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale $29 each) Operating expenses (excluding income tax expense) 10 6 19,400 10,400 8,400 16,400 $404,000 E7-8 Part 1 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. (Loss amounts should be indicated with a minus sign.) GIVOLY INC. Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Cost of goods sold: Goods available for sale 0 0 Cost of goods sold Pretax income/loss