hw 6 # 2

SWAT Team Surplus began October 2021 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Cick the icon to view the purchases.) The company sold 238 stoves, and at October 31 , the ending inventory consisted of 62 stoves. The sales price of each stove was $53. Read the reguiremeats. 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. 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIF two decimal places, and round all other amounts to the nearest dollar. Data table e company sold 238 stoves, and at October 31 , the ending inventory consisted of 62 stoves. The sales price of each stove was $53 aad the requirements. quirement 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO st of goo per unit Requirements 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. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the SWAT Team Surplus income statement for October. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 36%