Camo Surplus began October $2021$ with $70$ stoves that cost $$10$ each. During the month, the company made the following purchases at cost:

$($Click the icon to view the purchases.$)$

The company sold $245$stovesand at October$31,$ the ending inventory consisted of $55$stoves.The sales price of each stovewas $$44.$

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.

Cost of goods sold

Ending inventory

Data table

Requirements

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.

Explain why cost of goods sold is highest under LIFO. Be specific.

Prepare the Camo Surplus income statement for October. Report gross profit.

Operating expenses totaled $$2,750.$ The company uses average costing for

inventory. The income tax rate is $32\%.$