Technical Problem #4 relates to chapter 8 - Valuation of Inventories: A Cost-Basis Approach. It requires you to complete a problem relating to inventory cost flow methods. The assignment is worth 15 points. - Problem - Robinson Co. is a specialty retailer that operates in several locations in the southern Appalachian mountains. Robinson sells snowboards and related equipment and supplies. Data related to purchases and sales of one of its top selling snowboard models for the years 2019 and 2020 are shown below: Date Description Units Cost Per Unit 01/01/19 Inventory $289 38 08/2719 10/03/19 11/16/19 12/05/19 Purchase Purchase Purchase Purchase 23 31 36 49 $306 $323 $351 $368 2019 Sales 133 08/22/20 09/30/20 11/18/20 12/01/20 Purchase Purchase Purchase Purchase 20 27 46 57 $380 $397 $408 S445 2020 Sales 139 Robinson uses a periodic inventory system to account for its inventory transactions. The company prepares financial statements just once a year, at its December 31 year-end. None of the company's inventory was stolen or damaged during these two years. - Instructions - Address the following matters related to Robinson Co.'s accounting for, and reporting of its inventory activities during 2019 and 2020: Compute the company's inventory at December 31, 2019 and its cost of goods sold for 2019 under each of the following three cost flow methods: FIFO method LIFO method Average cost method (round the average cost per unit to the nearest penny) Assume Robinson uses a perpetual system and the FIFO method for day-to-day bookkeeping purposes, and the company converts its accounts to the LIFO method (periodic system) for financial reporting. Give the adjusting entry Robinson must make at December 31, 2019 to convert its accounts to LIFO. Ignore income taxes. As in (c), assume Robinson keeps its accounts on a FIFO basis and converts them at year- end to the LIFO method. Give the adjusting entry needed at December 31, 2020 to convert the company's accounts to LIFO. Ignore income taxes. (Note - Robinson follows the practice of making reversing entries to reverse the effects of certain prior-year adjusting entries. Proceed as if Robinson recorded an entry on January 1, 2020 to reverse the effects of the December 31, 2019 LIFO conversion entry. You do not need to make this reversing entry; simply note that it has been made.) Please observe the following checklist of instructions as you complete this assignment: Prepare your solutions and journal entries using Excel. Give careful attention to your formatting of information. Formatting includes effective presentation of information, correct spelling and capitalization, and proper use of dollar signs, commas, and underscoring. Refer to examples in the text for guidance. Round all dollar amounts you present in your solutions and journal entries to the nearest dollar. DO O