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Learning Success, Inc. (LSI) is a non-for-profit education organization that provides free backpacks filled with school supplies to low-income children. LSI purchases the backpacks from

Learning Success, Inc. (LSI) is a non-for-profit education organization that provides free backpacks filled with school supplies to low-income children. LSI purchases the backpacks from a local vendor already pre-filled with school supplies. At the beginning of FY 2020, which began on January 1, LSI had 650 backpacks that had been purchased in the prior fiscal year for $12.50 per backpack. On April 1, LSI had 50 backpacks remaining so it purchased an additional 500 backpacks for $14.00 per backpack. On July 31, with only 100 backpacks left, LSI purchased an additional 800 backpacks for $13.50 per backpack. On December 31, LSI had 125 backpacks remaining in its inventory. Round your answers to TWO decimal places. Do not include symbols ($) or commas in your answers. A) Supplies expense under LIFO: $ Blank textB) Inventory balance under LIFO: $ Blank textC) Supplies expense under FIFO: $ Blank textD) Inventory balance under FIFO: $ Blank textE) Value of supplies purchased during the fiscal year: $

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