Excel Project #1 Riddle's Radiantly Revitalized Robes purchases robes from suppliers, bedazzles them, and then sells to witches and wizards who truly want to stand out. Riddle uses a periodic inventory system and has hired you as a consultant to help with their inventory management and accounting. They have provided their inventory transactions for the past year (purchases and sales) and asked that you provide the following: (1) Ending inventory, Cost of Goods Sold, and Gross Profit for three different inventory costing methods (FIFO, LIFO and Average Cost) (2) Three graphs to help management understand the differences between the inventory costing methods (a separate graph for ending inventory, cost of goods sold and gross profit) (3) Your recommendation of what inventory costing method they should use and WHY. Any additional insights you have would be greatly appreciated. You will NOT be able to edit the sales or purchases data or add a new sheet. You should be able to do any work (calculations, creating formulas, etc.) in any empty cell in the purchases and sales sheets. An additional sheet is provided that you can use for doing any work, but you do not need to use that sheet. After completing the requirements below, save the file and submit on Canvas.

1. Input your answers into the table below:
		Periodic FIFO	Periodic LIFO	Periodic Average Cost
	Ending Inventory
	Cost of Goods Sold
	Gross Profit

2. Place your three graphs comparing the inventory costing methods in the space below (one for ending inventory, one for cost of goods sold and one for gross profit): Your graphs should have clearly labeled axes and a title. Place the graphs side by side horizontally in the space provided.

3. Give your recommendation of which inventory costing method Riddle should use in the space below: Responses with no explanation of why you recommend a particular method will receive NO credit. Excel Trick: Use Alt + Enter to go to a new line.

I have provided a portion of purchase/sale data so I would like formulas and explanations please.

Purchases:

Date	Supplier	Street Address	City	Country	Quantity Purchased	Price
1/1/2021	BEGINNING BALANCE				128	$ 40.00
1/4/2021	Madam Malkin's	J36 North Diagon Alley	London	England	160	$ 50.00
1/11/2021	Second-Hand Robes	F8 South Diagon Alley	London	England	200	$ 36.00
1/18/2021	Twilfitt and Tatting's	K22 South Diagon Alley	London	England	80	$ 82.50
1/25/2021	Second-Hand Robes	F8 South Diagon Alley	London	England	320	$ 27.50

Sales:

Date	Customer	Street Address	City	Country	Quantity Sold	Price
1/2/2021	Viktor Krum	Bulgarian National Quidditch Team	Sofia	Bulgaria	64	$ 116.00
1/5/2021	Newt Scamander	9 Sherringford Square	London	England	32	$ 116.00
1/8/2021	Remus Lupin	Tumledown, Smei-Derelict Cottage	Yorkshire	England	80	$ 116.00
1/11/2021	Olympe Maxime	Headmistress' Office	Beauxbatons Academy of Magic	France	128	$ 116.00
1/14/2021	Igor Karkaroff	Headmaster's Office	Durmstrang Institute for Magical Learning	Northern Scandinavia	96	$ 116.00