Please solve Problems 1 & 2 in Excel and show calculations:

Problem 2

Assuming that the purchase at the end of each year represents the replacement cost for inventory in that year, use the data in Problem 2 to calculate Exquisites LIFO Reserve in 2017 and 2018.

Problem 1 Exquisite Cookie Company started in business in 2017 and sells high-end decorated cookies. The following details purchases of cookies for resale in 2017 and 2018: # of Date Units 1/1/2017 10 2/5/2017 | 40 6/23/2017 20 9/28/2017 50 Total 120 Per Unit Cost $12 $14 $15 $17 Total Cost $120 $560 $300 $850 $1,830 3/3/2018 7/4/2018 11/24/2018 Total 25 30 60 115 $20 $24 $25 $500 $720 $1,500 $2,720 Ending inventory on December 31, 2017 was 25 cookies and on December 31, 2018 was 35 cookies. If Exquisite Cookie Company uses a periodic inventory system, determine the following dollar amounts using the indicated cost flow assumption. 1. LIFO a. Ending Inventory, 2017 b. Cost of Goods Sold, 2017 c. Ending Inventory, 2018 d. Cost of Goods Sold, 2018