need help explaining please
Purpose: Calculate and evaluate the effects of different inventory systems on the cost of production report KSAs: Understand the steps for producing the cost of production report; (optional) complete the Inventory Comparison workbook. You do not have to show your calculations this week. Points: 10 Admin: This is a multi-part question. There are no minimum word counts but you must answer the question in full. Discussion Initial Response Due by Wednesday: The Cost of Production Report has 2 main sections and is computed in 4 steps. Discuss the impact of switching inventory management assumptions. The Inventory Comparison workbook will help you conceptualize the impacts of the below scenarios. - If your last name begins with M-Z: Describe how inventory assumptions (e.g., weighted average, FIFO, etc.) impact the Balance Sheet and the Income Statement. Provide an example. Discussion Response Due by Saturday: Respond to a student from a different group. Science Education Supplies, Inc. began the year with 70 Biology Lab Microscopes in stock. The following table shows the quantities on hand and purchased during the year. Instructions: Determine the value of the ending inventory reported on the balance sheet and the value for cost of goods sold recognized on the income statement for the following four scenarios. Ending inventory consists of 150 microscopes for each scenario. Specilic Identification Method: Assume the ending inventory consists of the 60 units acquired on August 30,20 units acquired on July 27 , and 70 uired on June 15. 3. During periods when prices continue to reise, which inventory valuation method will result in the lowest net income being reported? Purpose: Calculate and evaluate the effects of different inventory systems on the cost of production report KSAs: Understand the steps for producing the cost of production report; (optional) complete the Inventory Comparison workbook. You do not have to show your calculations this week. Points: 10 Admin: This is a multi-part question. There are no minimum word counts but you must answer the question in full. Discussion Initial Response Due by Wednesday: The Cost of Production Report has 2 main sections and is computed in 4 steps. Discuss the impact of switching inventory management assumptions. The Inventory Comparison workbook will help you conceptualize the impacts of the below scenarios. - If your last name begins with M-Z: Describe how inventory assumptions (e.g., weighted average, FIFO, etc.) impact the Balance Sheet and the Income Statement. Provide an example. Discussion Response Due by Saturday: Respond to a student from a different group. Science Education Supplies, Inc. began the year with 70 Biology Lab Microscopes in stock. The following table shows the quantities on hand and purchased during the year. Instructions: Determine the value of the ending inventory reported on the balance sheet and the value for cost of goods sold recognized on the income statement for the following four scenarios. Ending inventory consists of 150 microscopes for each scenario. Specilic Identification Method: Assume the ending inventory consists of the 60 units acquired on August 30,20 units acquired on July 27 , and 70 uired on June 15. 3. During periods when prices continue to reise, which inventory valuation method will result in the lowest net income being reported
