Using Excel to Determine Ending Inventory PROBLEM In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: Student Work Area Required: Provide input into cells shaded in yellow in this template. Use a cell references and mathematical formulas for calculations. Purchase $ Units Unit Cost 1 300 at $ 6.00 2 400 at $ 8.00 3 500 at $ 9.00 Compute the cost of the ending inventory under the a. FIFO method McLanie uses a periodic inventory system. It also provided the following information: 5 5 Units on hand 200 Units Unit Cost Total Cost FIFO 200 $ 9.00 $ 1,800 Compute the cost of the ending inventory under the b. LIFO method 9 0 1 22 Units LIFO 200 Unit Cost $ 6.00 $ Total Cost 1,200 ****NOTE The answers in the highlighted sections are not correct per my instructor