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Armed Forces Surplus began October 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost EB
Armed Forces Surplus began October 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost EB Click the icon to view the purchases.) The company sold 290 stoves, and at October 31, the ending inventory consisted of 70 stoves. The sales price of each stove was S50 Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar Number of unit Average cost FIFO Cost of goods sold Ending inventory 290 $ 4,350 70 $ 1,050 Data Table October6 18 26 00 stoves$13 1300 20 stoves@$15 - 1,800 60 stoves $25500 Print Done
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