#2Conventional Retail Method Required: 1. Prepare an Excel spreadsheet analysis using the data provided on the following page to determine the ending inventory and cost of goods sold for 2019. Any calculated number should be calculated in Excel using reference to other cells. The spreadsheet should be designed for reuse in subsequent periods. 2. Correctly calculate ending inventory and cost of goods sold. Prepare the journal entry in Excel to adjust inventory to the estimated value and close the purchase accounts to cost of goods sold. Link the amounts to your calculations. a. Round all calculated values to whole integers, e.g., 123,456,789 b. Round all ratios to 5 decimal places, e.g., 0.12345 or 12.345% Unlucky Blue Jean Company Conventional Retail Method Inventory and COGS During 2019, Unlucky Blue Jean Company lost its market share to Amazon.com. Unlucky was unable to sell all of its merchandise and offered big markdowns in December. Unlucky's yearend is December 31. Use the Conventional Retail Method and the information provided below to determine the ending inventory, cost of goods sold and gross profit reported in the income statement for 2019. FACTS for 2019: Balances in general ledger: Inventory at January 1 Purchases Freight-in for purchases Purchase discounts taken Purchase returns Sales revenue Sales returns Retail Data: Value of inventory at January 1 Value of net purchases Net markups Net markdowns $ 27,889,356 355,086,236 908,368 4,372,980 12,352,525 704,767,693 58,627,749 62,345,952 754,973,542 7,426,242 154,297,270