Chapter 6 Homework 18 Hannah King Guffey ACCOUNTING 2010-SURVEY OF FINANCIAL ACCOUNTING Homework: Chapter 6 Homework Score: 0 of 19 pts P6-64A (similar to Army Navy Surplus began July 2016 with 100 tents that cost $10 each. During the month, Army- Navy Surpkes made the following purchases at cost 3 of 5 (1 completel Score: 1429%, 8 of 56 Question Help Cick the loon to view the purchases) Army-Navy Surplius sold 329 tents, and at July 31, the ending inventory consists of 5t tents. The sale price of each tent was $48 1. Determine the cost of goods sold and ending inventory amounts for July under the average cost FIFO cost, and LIFO cost Round average cost per unit to two decimal places, and round all other amounts to the nearest dolar. 3. Prepare the Amy-Navy Srplusmoome statement tor July. Repon goss profit. Operating expenses totaled $4,500 Army-Navy Supus uses avenge costing for inventory. The io ne tax rate is 32%. Requiremant 1. Determine the cost of goods sold and ending inventory amounts for July under the average cost, FIFO cost, and LIFO cost, Round average cost per unit to two decimal places, and round all other ons2. Explain why cost of goods sold is highest under LIFO. Be speofic. ery to the nearest dollar. Number of units Average cost Coat of Scid Ending inventory O Data Tabie Juy 6tens$18 2,160 18 tents $253.250 2ents 527 810 130 30 Pret Done 018