Inventory and cost of Goods Sold Apply the average-cost, FIFO, and LIFO methods Carson Print Supplies, Inc, selis laser printers and supplies. The following data is given for the current year. Description Units Average Cost Per FIFO Cost Per LIFO Cost Per Unit Unit Unit $ 8.90 S 9.00 $ 7.80 Beginning inventory 100 Purchases Sales 800 600 $ $ 9.80 Cost per unit 21.50 Sales price per unit Operating expenses $ 4,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirement 1 Begin by calculating the average cost per unit to be used in the Average-cost income statement. 2 Prepare Carson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO methods. Include a complete statement heading Check your spelling carefully and do not abbreviate. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Ignore income taxes for this exercise, Use cell references from prior calculations, if applicable. a. b. d. 1. Begin by calculating the average cost per unit to be used in the Average-cost income statement. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Average cost per unit 2. Prepare Carson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO methods. Include a complete statement heading. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Use cell references from prior calculations, if applicable.) Average-cost FIFO LIFO Net Income Carson Print Supplies, Inc Income Statement December 31, Current Year Year Ended December 31, Current Year