.. Determine the cost of goods sold and ending inventory amounts for July under the average-cost, F s. Round the average cost per unit to two decimal places, and round all other amounts to the nearest Number of unite AVOTAS DE sold ory Data Table . 2. Explain why cd July 6 11 e cost of goods s sold. 120 stoves @ $25 130 stoves @ $30 = $ 3,000 18 3,900 26 50 stoves @ $32 3. Prepare Army s average costing 1,600 kpenses totale Je nearest who Army-Navy Income Stat Print Done Month Ended July 31, 2018 und the average cost per unit to two decimal places, and round all other amounts to the nearest doll. Marafinite ANKARA DAN i Requirements - X pla stol "r erag 1. Determine the cost of goods sold and ending inventory amounts for July 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. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Army - Navy Surplus income statement for July. Report gross profit. Operating expenses totaled $4,750. The company uses average costing for inventory. The income tax rate is 30%. totaled t whole Arm Inc onth Print Done Art nrnntorn number in the innut fields and then continue to the neytestinn Army - Navy Surplus began July 2018 with 100 stoves that cost $15 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 330 stoves, and at July 31, the ending inventory consisted of 70 stoves. The sales price of each stove was $45 Read the requirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for July 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 FIFO LIFO Cost of goods sold Ending Inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific. Under LIFO the cost of goods sold is the highest because costs are and LIFO assigns the cost of goods sold Requirement 3. Prepare Army - Navy Surplus income statement for July. Report gross profit. Opet most recent units purchased company uses average costing for inventory. The income tax rate is 30%. (Round income tax exper oldest units purchased Army.Navy Surplus weighted average unit cost Income Statement Month Ended July 31, 2018 to Requirement 3. Prepare Army - Navy Surplus income statement for July. Report gross profit. Operating expenses totaled $4,750. The company uses average costing for inventory. The income tax rate is 30%. (Round income tax expense to the nearest whole doltar.) Army-Navy Surplus Income Statement Month Ended July 31, 2018 Net income Choose from any list or enter any number in the Innisferts and then