Reference no: EM133172275

Question - 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 $1.75 each. Three months into the current fiscal year, all 175 snack packs had been used, so the organization purchased 250 more snack packs at a price of $2.00 each. Six months later, there were only 45 snack packs left, so the organization paid $472.50 for 225 additional snack packs. On the last day of the current fiscal year, there were 70 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.