$!!!!!$You are to create worksheets within this document that calculate the requested information provide for above. I must see your work in order to give full credit. $!!!!!$ THE LAST $3$ IMAGES ARE EXMAPLES OF HOW THE WORK SHOULD BE COMPLETED!!!!! CREATE A TABLE, USE CELL REFRENCES, SHOW ALL WORK!!!!! NO HARD ANSWERS $!!!!!$

Application Assignment #$3-$ Chapter $7$

LIF$($O$)/($F$)$IF$($O$)/($A$)$verage Cost under Periodic and Perpetual Inventory Systems

Spelling Company had the following transactions in connection with their inventory account during the month of August:

Instructions:

Calculate the total number of ending inventory units. $($This number will be used for

all methods and assumptions$)$

a$.$ Assuming that the company keeps perpetual records in units only; compute the inventory at

August $31,$ using $(1)$ LIFO; $(2)$ FIFO and $(3)$ average cost. $($the periodic method$)$

b$.$ Assuming that perpetual records are kept in dollars, compute the inventory at August $31,$

using $(1)$ LIFO; $(2)$ FIFO and $(3)$ average cost. $($the perpetual method$)$

c$.$ Calculate the cost of goods sold Spelling Company should record for the month of

August assuming the periodic inventory method for $(1)$ LIFO; $(2)$ FIFO and $(3)$ average cost.

d$.$ Calculate the cost of goods sold Spelling Company should record for the month of

August assuming the perpetual inventory method for $(1)$ LIFO; $(2)$ FIFO and $(3)$ average cost.

Calculate the Gross Profit for LIFO and FIFO under the periodic method.

You are to create worksheets within this document that calculate the requested information provide for above. I must see your work in order to give full credit.

I want to see good organization of data, good usage of Excel functions, and a logical flow of data for each solution area. Label your work appropriately. Provide the Answers on the SOLUTIONS tab in the workbook $($use cell references$).$ But make sure this document also provides the backup informatio$($n$)/($c$)$alculation for each solution.

Do not hard enter any number that is a calculation...use formulas and references throughout.

$**$Present solutions rounded to two decimals.