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. Units Average Cost Per FIFO Cost Per LIFO Cost Per Description Unit Unit Unit Beginning inventory 100 $8.90 9.007.80 Purchases Sales 800 9.80 Cost per unit 600 S 21.50 Sales price per unit 4 Use the blue shaded areas on the ENTERANSWERS tab for inputs. 15 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you wll 16 be marked wrong. 17 18 Requirement 19 1 Begin by calculating the average cost per unit to be used in the Average-cost income statement. 20 2 Prepare Carson's income statement for the current year ended December 31 using the average-cost, FIFO, and tIFO methods. 21 Include a complete statement heading. 22a 23 24 25 26 27 Check your spelling carefully and do not abbreviate. nter 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. c. d. 28 Saving & Submitting Solution 29 1 Save file to desktop. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add solution-date to end of file name 2 2 Upload and submit your file to be graded. Navigate back to the activity window- screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open c. Click Upload button under step 3 INSTRUCTIONS ENTERANSWERS Ready