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. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted c.Ignore income taxes for this exercise d. Use cell references from prior calculations, if applicable. Saving & Submitting Solution 1 Save file to desktop Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add -solution-date to end of file name a. b. 2 Upload and submit your file to be graded. a. b. c. d. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open Click Upload button under step 3 Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback Points Possible Step Instructions 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 Instruction tab you will be marked wrong.) 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. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted c. Ignore income taxes for this exercise. d. Use cell references from prior calculations, if applicable. 2 26 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Total Points 27 Inventory and Cost of Goods Sold Apply the average-cost, FIFO, and LIFO methods Carson Print Supplies, Inc., sells laser printers and supplies. The following data is given for the current year Description Units Average Cost Per Unit FIFO CostLIFO Cost Per Per Unit Unit Beginning inventor 100 8.90 $9.00 $ 7.80 Purchases Sales 800 9.80 Cost per unit 600 S 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 Instruction tab you wil 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 a. Check your spelling carefully and do not abbreviate b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted C. Ignore income taxes for this exercise d. Use cell references from prior calculations, if applicable 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. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted c.Ignore income taxes for this exercise d. Use cell references from prior calculations, if applicable. Saving & Submitting Solution 1 Save file to desktop Create folder on desktop, and label COMPLETED EXCEL PROJECTS Save your solution in the folder you just created; add -solution-date to end of file name a. b. 2 Upload and submit your file to be graded. a. b. c. d. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open Click Upload button under step 3 Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback Points Possible Step Instructions 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 Instruction tab you will be marked wrong.) 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. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted c. Ignore income taxes for this exercise. d. Use cell references from prior calculations, if applicable. 2 26 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Total Points 27 Inventory and Cost of Goods Sold Apply the average-cost, FIFO, and LIFO methods Carson Print Supplies, Inc., sells laser printers and supplies. The following data is given for the current year Description Units Average Cost Per Unit FIFO CostLIFO Cost Per Per Unit Unit Beginning inventor 100 8.90 $9.00 $ 7.80 Purchases Sales 800 9.80 Cost per unit 600 S 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 Instruction tab you wil 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 a. Check your spelling carefully and do not abbreviate b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted C. Ignore income taxes for this exercise d. Use cell references from prior calculations, if applicable