I need to know how to find the FIFO, LIFO, and Average Cost. Also, don't understand what the last question is asking. O Aurora University - My Applicatio xn Course: ACC 2010 01 21SP: Prins xO Launch Meeting - ZoomChapter 6BO NWP Assessment Player UI Appli Xi assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3cf9da9da-a468-412c-ae19-a6894fbbcb8f#/question/3e Chapter 6BQuestion 4 of 41.33 / 4Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to O decimal places, e.g. 150.)FIFOLIFOAVERAGE-COSTThe ending inventory2$2$The cost of goods sold$$$eTextbook and MediaList of AccountsX Your answer is incorrect.Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for theincome statement?results in the lowest inventory amount for the balance sheet.results in the lowest cost of goods sold for the income statement.eTextbook and MediaList of AccountsSave for LaterAttempts: unlimited Submit Answer10:35 AMO Type here to searchwO ()hulu3/2/2021...+II O Aurora University - My Applicatio Xn Course: ACC 2010 01 21SP: Prins x9 Launch Meeting - ZoomChapter 6BO NWP Assessment Player UI Appli Xi assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3cf9da9da-a468-412c-ae19-a6894fbbcb8f#/question/3e Chapter 6BQuestion 4 of 41.33 / 4View PoliciesShow Attempt HistoryCurrent Attempt in ProgressSplish Brothers Inc. had a beginning inventory of 135 units of Product RST at a cost of $7 per unit. During the year, purchases were:Aug. 12Dec. 8Feb. 20650units at$8420units at$10May 5500units at$9135units at$11Splish Brothers uses a periodic inventory system. Sales totaled 1,520 units.Your answer is correct.Determine the cost of goods available for sale.The cost of goods available for sale16330Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)Average Cost$8.875eTextbook and MediaList of AccountsYour answer is incorrect.10:35 AMO Type here to searchO ()hulu3/2/2021...+II

The following computation is done for the Splish brothers.

Question 4 of 4 < > 1.33 / 4 E View Policies Show Attempt History Current Attempt in Progress Splish Brothers Inc. had a beginning inventory of 135 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 650 units at $8 Aug. 12 420 units at $10 Dec. 8 May 5 500 units at $9 135 units at $11 Splish Brothers uses a periodic inventory system. Sales totaled 1.520 units. Your answer is correct. Determine the cost of goods avallable for sale. The cost of goods available for sale $ 16330 Calculate Average Cost. (Round answer to 3 decimal places, eg. 5.125) Average Cost s 8.875 eTextbook and Media

Question 4 of 4 < > 1.33 / 4 E View Policies Show Attempt History Current Attempt in Progress Splish Brothers Inc. had a beginning inventory of 135 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 650 units at $8 Aug. 12 420 units at $10 Dec. 8 May 5 500 units at $9 135 units at $11 Splish Brothers uses a periodic inventory system. Sales totaled 1.520 units. Your answer is correct. Determine the cost of goods avallable for sale. The cost of goods available for sale $ 16330 Calculate Average Cost. (Round answer to 3 decimal places, eg. 5.125) Average Cost s 8.875 eTextbook and Media

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

I need to know how to find the FIFO, LIFO, and Average Cost. Also, don't understand what the last question is asking.

O Aurora University - My Applicatio x
n Course: ACC 2010 01 21SP: Prins x
O Launch Meeting - Zoom
Chapter 6B
O NWP Assessment Player UI Appli X
i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3cf9da9da-a468-412c-ae19-a6894fbbcb8f#/question/3
e Chapter 6B
Question 4 of 4
1.33 / 4
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to O decimal places, e.g. 150.)
FIFO
LIFO
AVERAGE-COST
The ending inventory
2$
2$
The cost of goods sold
$
$
$
eTextbook and Media
List of Accounts
X Your answer is incorrect.
Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the
income statement?
results in the lowest inventory amount for the balance sheet.
results in the lowest cost of goods sold for the income statement.
eTextbook and Media
List of Accounts
Save for Later
Attempts: unlimited Submit Answer
10:35 AM
O Type here to search
w
O ()
hulu
3/2/2021
...
+
II

O Aurora University - My Applicatio X
n Course: ACC 2010 01 21SP: Prins x
9 Launch Meeting - Zoom
Chapter 6B
O NWP Assessment Player UI Appli X
i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3cf9da9da-a468-412c-ae19-a6894fbbcb8f#/question/3
e Chapter 6B
Question 4 of 4
1.33 / 4
View Policies
Show Attempt History
Current Attempt in Progress
Splish Brothers Inc. had a beginning inventory of 135 units of Product RST at a cost of $7 per unit. During the year, purchases were:
Aug. 12
Dec. 8
Feb. 20
650
units at
$8
420
units at
$10
May 5
500
units at
$9
135
units at
$11
Splish Brothers uses a periodic inventory system. Sales totaled 1,520 units.
Your answer is correct.
Determine the cost of goods available for sale.
The cost of goods available for sale
16330
Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)
Average Cost
$
8.875
eTextbook and Media
List of Accounts
Your answer is incorrect.
10:35 AM
O Type here to search
O ()
hulu
3/2/2021
...
+
II

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