Chabter Summarv Assianment \#3 (Ch 5 \& 6) D2L quiz questions will be asked in clas hat is the You are Par ne that a pt Part 2: During 2023, Waystar Royco sold 31,000 units of its product. The following units were on hand or purchased during the vear: Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions. 7. If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: 8. If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: 9. If the company used the average cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 4 decimals (example $18.7910) Average Cost per unit = Ending Inventory: Cost of Goods Sold: 10. Calculate the five critical subtotals in the multistep income statement based on the information provided in this table: 11. Fill in the blanks. If costs are rising, then..... a) LIFO COGS is (greater or less than) FIFO COGS b) LIFO ending inventory is (greater or less than) FIFO ending inventory c) Net Income for a company using LIFO will be (greater or less than) a company that uses FIFO If COGS is understated: (Fill in with overstated or understated): d) Ending inventory is e) Net Income is f) Ending Retained Earnings are g) Stockholder's Equity is h)Assets are