Required information [The following information applies to the questions displayed below] In this Applying Excel exercise you will practice using absolute cell referencing, the MIN function, and formulas to calculate and compare the effects of the LIFO, FIFO, and the Weighted Average Inventory costing methods. Watch the tutorial video and then complete Parts 1 and 2 to practice and apply the skills demonstrated in the video, 0011424 Ex Revise your worksheet to reflect these updated assumptions and then answer the questions that follow Sales Sale Price 19,200 units 27 Date Beginning March 12 June 5 October 22 Totals Hunder of Units 6,300 5,500 4,200 9.500 23.500 Unit Cost 10.30 10.28 10.10 9.90 Total Cost $ 44,290 56,100 42,420 96,050 $236,860 Required: 1. Use your spreadsheet to recalculate the cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below. (Round your answers to the nearest whole dollar amount.) Required: 1. Use your spreadsheet to recalculate the cost of Goods Sold Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit 2. Which statement is true regarding the purpose of using absolute cell referencing in your spreadsheet? An absolute cell reference contains a dollar sign ($) in the row or column coordinate for both) to indicate the result is a currency value O You can use an absolute reference to keep a row and or column constant 3. Which statement below is true regarding the application of the three inventory costing methoods? O FIFO results in a lower gross profit when inventory costs are rising OLIFO results in a lower gross profit when inventory costs are rising Weighted Average results in a lower gross profit when inventory costs are rising 4. Companies can choose the most appropriate inventory costing method for their business (FIFO, LIFO, and weighted averoge cost for internal management) reporting, but not for external and tax reporting, True O False