Activity Instructions In this assignment, you will apply the various concepts of the cost assumptions presented in Chapter 7 regarding inventory. Utilizing your understanding of inventory, you will locate and interpret the information provided within a given set of financial statements. Complete P7-3 (pages 369–370) and CP7-2 (page 376) from Chapter 7 of your Financial Accounting textbook. Submission Requirements All quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem’s template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF. Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.