Completing this activity will help you learn to: - Report inventory on the firiancal statements. - Extract information from a data set using Excel formulas, functions, ond/or pivot tables. Scenario: Compary A sells 200 different products. The company applies lower of cost or market to value its inventory on the balance sheet. The Data worksheet contains a list of products by class and quantity. Each row provides information about product, including its class, quantity, cost per unit, and market value per unit. Required: Open spicadsheet Complete three columns on the Data worksheet, Total cost, Total market value, and LCM by row. R1. Celli 62 . Enter a formula that results in the total cost of the prodact in row 2 . R2. Cell H2: Enter a formula that results in the total makket value of the prochuct in row 2 . R3. Cell 12: Use the MIN function to return the lower of the amounts in cells G2 and H 2 R4. Copy down the entries in cells G2,H2, and 12 to all other rows with data: Steps to create a pivot rable: 51. Select a cell in the data on the Data worksheet. S2. Select Insert/ Pivot Table. The data range will automancally be inserted, A "Create PivotTable" window should oppear. S3. In the window, under "Choose where you want the Pivot Table report to be placed", select "New Workheet". A new workshetet should appear mith the Pivot Table. select "Show Field List") Questions: Use the information on the Data worksheet and pivot tables, formulas, and/or functions to answer the following questions. Q1. What is the value of inventory when lower of cost or quarket is applied to total inventory? 4x Q2. What is the value of inventory when lower of cont or markst is applied to each ftem in the inventory? x 03. What is the value of inventory when lower of cost of norket is opplied to each class af inventary? 4 Q4. Whin lower of cost or market is applied to each idem se inventory, how much value did inventory loset due to market decline? x