year with an ending inventory balance of $10,000. (Hint: you must "back out" the supplies expense.) f) Child's Play's employees earned $20,500 per month during FY 2018. Employees are paid monthly with a one-month lag. In FY 2017, employees earned $234,000 in total. g) In FY 2018, Child's Play paid $12,800 per month in rent. In FY 2017, rent was $9,600 per month. The organization pays rent one month in advance, and rent will not change in FY 2019. h) On the last day of FY 2018, as required, Child's Play repaid $15,000 of principal on its bank loan. The loan carries an annual interest rate of 7%; interest must also he paid on the last day of the fiscal year. Another $15,000 of principal is due in FY 2019. . Child's Play provides snack packs to the children who participate in programming. The organization started the current fiscal year with 175 snack packs, which had been purchased in the previous fiscal year for $1.50 each. Three months into the current fiscal year, all 175 snack packs had been used, so the organization purchased 200 more snack packs at a price of $1.75 each. Six months later, there were only 45 snack packs left, so the organization paid $450 for 225 additional snack packs. On the last day of the current fiscal year, there were 40 snack packs remaining. Calculate each of the following in Excel, showing both your solutions and your formulas. (Note: This problem does not relate back to the previous problem.) a) Calculate the supplies expense using LIFO. b) Calculate the supplies expense using FIFO. c) Calculate the inventory balance using LIFO. d) Calculate the inventory balance using FIFO. . Do the reading assignment for the next class [Chapter 11 and Chapter 8 from p. 299-end (from Ethics)] and then answer the following reading comprehension question: Describe one way in which Child's Play's financial statements would differ if the organization were a voluntary health and welfare organization, and one way in which Child's Play's financial statements would differ if the organization were a health care organization