ment CALCULATOR PRINTER VERSION 4 BACK NEXT Question 11 The management of Metlock Co., SA is reevaluating the appropriateness of using its present inventory cost flow method. They request your help in determining the results of operations for 2017 if either the FIFO method or the average-cost method had been used. For 2017, the accounting records show the following data. Inventories Purchases and Sales Beginning (11,600 units) 29,500 Total net sales (261,000 units) 1,003,400 Ending (17,400 units) Total cost of goods purchased (266,800 units) 748,432 Purchases were made quarterly as follows. Units Quarter 1 2 3 4 69,600 58,000 58,000 81,200 266,800 Unit Cost 2.59 2.79 2.89 2.94 Total Cost 180,264 161,820 167,620 238,728 748,432 Operating expenses were 144,000, and the company's income tax rate is 34%. Prepare comparative condensed income statements for 2017 under FIFO and average-cast. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to o decimal places, e.g. 125.) METLOCK CO., SA Condensed Income Statement FIFO Average-cost El ment CALCULATOR PRINTER VERSION BACK NEXT Prepare comparative condensed income statements for 2017 under FIFO and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to o decimal places, e.g. 125.) METLOCK CO., SA Condensed Income Statement FIFO Average-cost ment CALCULATOR PRINTER VERSION 4 BACK NEXT NEXT Which cost flow method (FIFO or average-cost) produces the more meaningful inventory amount for the statement of financial position? method produces the more meaningful inventory amount Which cost flow method (FIFO or average-cost) more likely approximate actual physical flow of the goods? method is most likely to approximate actual physical flow. How much additional cash will be available for management under average-cost than under FIFO? Additional cash will be available for management By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. SUBMIT ANSWER Question Attempts: 0 of 3 used SAVE FOR LATER % Earn Maximum Points available only if you answer this question correctly in three attempts or less