E8-12 03) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed on December 1,2016. The following nformaton is available from Twain's inventory records for Product BAP Units Unit Cost January 1, 2017 (beginning inventory) Purchases 600 $ 8.00 January 5, 2017 January 25, 2017 February 16, 2017 March 26, 2017 1,200 1,300 800 600 9.00 10.00 11.00 12.00 A physical inventory on March 31, 2017, shows 1,600 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31,2017, under each of the following inventory methods. (b) LIFO. (c) Weighted-average (round unit costs to two decimal places). (a) FIFO nces Mailings ReviewView AaBbCcD AaBbCcDdE Heading 2 21. Use the following graph to answer the next six questions: (6 points) 22,000 20,000 18,000 16,000 Price 14,000 of 12,000 cars 10,000 (S) 8,000 6,000 4,000 2,000 Domestio supply World price Domestio 10 20 30 40 50 60 70 80 90 100 Quanitity of cars (thousands) i. What is the price of a car if this is a nontrading (closed) economy? . $14,000 i. I' this is a nontrading (closed) ecosom,owmany ears (in thousands) rill be bought and sold? Cars sold: 40 thousand ili. If this is a trading (open) economy, what will be the price of a car? In the open economy the car of the price will drop to world price thus the price of the car will be $10,000 . iv. If this is a trading (open) economy, what will be quantity demanded of cars (in thousands)? The quantity demanded- 60 thousand v. If this is a trading (open) economy, what will be the quantity supplied of ears (in thousands) by the domestic producers? Quantity of supply: 20 thousand vi. How many cars (in thousands) will this country import in a trading (open) economy situation? MacBook Air eather Total Gold Unit Total Unit 20,000 Cost Silver Unit Unit 100,000 Cost 80,000 Cost $ 50| | #VALUE! $ 40| | #VALUE! #VALUE! 2,550,000 #VALUE! $ 651 100% 45 ### $ 150 | 100% Sales Var.exp. Contrib.120 margin Fixed exp. Net income 80303