Camp Surplus began October 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: E (Click the icon to view the purchases.) The company sold 236 stoves, and at October 31, the ending inventory consisted of 64 stoves. The sales price of each stove was $55. 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 units Average cost Cost of goods sold Ending inventory Camp Surplus began October 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: E (Click the icon to view the purchases.) The company sold 236 stoves, and at October 31, the ending inventory consisted of 64 stoves. The sales price of each stove was $55. Read the requi i X Requirements Requirement age-cost, FIFO, and LIFT amounts to the nearest do 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 of goods cost per unit to two decimal places, and round all other amounts to the nearest dollar. Ending invento 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Camp Surplus income statement for October. Report gross profit. Operating expenses totaled $3,000. The company uses average costing for inventory. The income tax rate is 32%. Print Done Camp Surplus began October 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: E (Click the icon to view the purchases.) The company sold 236 stoves, and at October 31, the ending inventory consisted of 64 stoves. The sales price of each stove was $55. Read the requirements. Requirement 1. Detern FIFO, and LIFO costing the nearest dollar. X Data Table the average-cost, d all other amounts to October 6 90 stoves @ $20 = $ 1,800 Cost of goods sold Ending inventory 18 100 stoves @ $25 II 2,500 26 30 stoves @ $30 II 900 Print Done