Analyze the following scenario: The Hospital for OrdinarySurgery uses pharmaceuticals for its patients. It started the yearon January 1 with an inventory of 1000 doses of an antibioticdrug that cost $17 per dose. On January 2 it purchased another 300does for $21 each. From January 3 through June 30 it used 800doses. On July 1 it bought 500 more doses at $23 each. From July 2through the end of the year it used 400 doses. What is theinventory value at the end of the year assuming FIFO? What is thevalue assuming LIFO? Clearly label the calculations of theinventory amounts using Excel. Use formulas to calculate the FIFOand LIFO inventories and format the cells to insert a comma ifthere is more than three numbers and round to the nearest wholenumber.