In the following information from the Year 2 balance sheet of Kayla Enterprises,all amounts have been rounded to millions of dollars.
$\begin{array}{lrr}
& \underline{\text { May 31, Year } 2} & \underline{\text { May 31, Year } 1}\
\text { Raw materials } & \$ 25.8 & \$ 52.1 \
\text { Work-in-process } & 44.8 & 34.7 \
\text { Finished goods } & 1,132.70 & 1,303.8 \
\text { Inventories at FIFO } & 1,203.30 & 1,390.6 \
\text { Adiustment to LIFO } & 5.6 & 21.9
\end{array}$
Answer the following questions:
A) Describe what costs are included in each of the three types of inventones listed for Kayla Enterprises.

Question

In the following information from the Year 2 balance sheet of Kayla Enterprises,all amounts have been rounded to millions of dollars.
 $\begin{array}{lrr}
& \underline{\text { May 31, Year } 2} & \underline{\text { May 31, Year } 1}\
\text { Raw materials } & \$ 25.8 & \$ 52.1 \
\text { Work-in-process } & 44.8 & 34.7 \
\text { Finished goods } & 1,132.70 & 1,303.8 \
\text { Inventories at FIFO } & 1,203.30 & 1,390.6 \
\text { Adiustment to LIFO } & 5.6 & 21.9
\end{array}$ 
Answer the following questions:
 A) Describe what costs are included in each of the three types of inventones listed for Kayla Enterprises.

Quizplus · Accepted Answer

The Answer of In the following information from the Year 2 balance sheet of Kayla Enterprises,all amounts have been rounded to millions of dollars.
 $\begin{array}{lrr}
& \underline{\text { May 31, Year } 2} & \underline{\text { May 31, Year } 1}\
\text { Raw materials } & \$ 25.8 & \$ 52.1 \
\text { Work-in-process } & 44.8 & 34.7 \
\text { Finished goods } & 1,132.70 & 1,303.8 \
\text { Inventories at FIFO } & 1,203.30 & 1,390.6 \
\text { Adiustment to LIFO } & 5.6 & 21.9
\end{array}$ 
Answer the following questions:
 A) Describe what costs are included in each of the three types of inventones listed for Kayla Enterprises.

In the Following Information from the Year 2 Balance Sheet