OneDrive All work must De Inariar with empnasis on numerical accuracy This is an Excel based assignment that must be submitted following the stated guidelines Please notice that late homework (after collected by the instructor) will incur into a 25% late fee . 1. Problem One: You are hired as a business consultant by Jay-Z Hardware Stores to help them with their inventory control shown below. As part of your project, you need to solve the following problems, (a) if the company sells 7,850 units, find the Cost of Goods Sold under LIFO. Date 6/1 7/15 8/24 10/27 Jay-Z Hardware Store Pool of Costs - Cost of Goods Available for Sale Explanation Units Unit Cost Total Cost Beginning Inventory 2500 $ 10.00 $ 25,000.00 Purchase 2000 11.00 $ 22,000.00 Purchase 3500 $ 12.00 $ 42,000.00 Purchase 4200 13.00 $ 54,600.00 $ 2. Problem Two: John Coltrane Stores, ask you to help them with their inventory control shown below. Management wants you to solve the following problems, (a) if the company sells 6,271 units, find the cost of Goods Sold under LIFO, (b) if the company sells the 12,264 units, find the Cost of Goods Sold under FIFO. Date 4/1 9/15 11/24 12/27 John Coltrane Convenience Store Pool of Costs - Cost of Goods Available for Sale Explanation Units Unit Cost Total Cost Beginning Inventory 1500 $ 12.50 $ 18,750.00 Purchase 3500 $ 16.78 $ 58,730.00 Purchase 4255 $ 14.85 $ 63,186.75 Purchase 5289 $ 19.99 $ 105,727.11