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I have been working on this for a long time and I don't know why my numbers are wrong. Can someone please help me solve
I have been working on this for a long time and I don't know why my numbers are wrong. Can someone please help me solve this. Rounding is to the nearest 2 decimal places.
Armed Forces Surplus began March 2016 with 80 tents that cost $15 each. During the month, Armed Forces Surplus made the following purchases at cost: (Click the icon to view the purchases.) Armed Forces Surplus sold 296 tents, and at March 31, the ending inventory consists of 54 tents. The sale price of each tent was $45. Requirements 1. Detemine the cost of goods sold and ending inventory amounts for March 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 dollar. Explain why cost of goods sold is highest under LIFO. Be specific. 2. Requirement 1. Determine the cost of goods sold and ending inventory amounts for March 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 dollar Number of units Ave FIFO LIFO 296 2 6100 6980 Cost of goods sold Ending inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific. 54 1600 720 Choose from any list or enter any number in the input fields and then click Check Answer. Data Table March 6 18 26 100 tents $20 2,000 120 tents $25 3,000 50 tents$30 1,500 Print Done Income Statement Month Ended March 31, 2016 Sales revenue Cost of goods sold Gross profit Operating expenses Income before income taxes Income tax expense Net income 13320 6100 7220 5000 2220 1443.00
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