PLEASW INCLUDE EXCEL FORMULAS IN EVERY HIGHLIGHTED BOX. ILL RATE YOU WELL IF YOU DO$!$E $8-2($Static$)$ Based on Exercise $8-14$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$Dublin Corporation provides the following information related to its inventory during the month of October:October $1$ Inventory on hand $3,000$ units; cost $$6\mathrm{.}00$ each.October $9$ Sold $2,400$ units for $$10\mathrm{.}00$ each.October $12$ Punchased $1,200$ units for $$6\mathrm{.}30$ each.October $18501$d $1,000$ units for $$10\mathrm{.}20$ each.October $24$ Purchased $1,400$ units fon $$7\mathrm{.}20$ each.October $31$ Inventony on handRequired:Using calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October $31$ balance sheet and the cost of goods sold it would report in its October income statement using each of the following cost flow methods$\mathrm{.}1.$ Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method$2.$ Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method$\mathrm{.}3.$ Compute the amount of gross profit under the two methods.Navigation:$1.$ Use the Open Excel in New Tab button to launch this question$2.$ When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.