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Homework: Chapter 6 Post-Homework Save Score: 3.3 of 19 pts 4 16 of16(11 complete) v p Hw Score: 24.3%, 24.3 of 100 pt P6-62A (similar to) a; Question Help a Navy Seals Surplus began October 2018 with 70 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 $44. Read the muirements. 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 FIFO LIFO ' ' Cost of goods sold 236 $ 4,484 $ 3.964 $ 5.060 ' ' ' Ending inventory 64 $ 1,216 $ 1.736 $ 640 Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specic. Under LIFO the cost of goods sold is the highest because costs are rising and LIFO assigns the most recent units purchased to cost of goods sold. Requirement 3. Prepare Navy Seals Surplus' income statement for October. Report gross prot. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 40%. (Round income tax expense to the nearest whole dollar.) Navy Seals Surplus Income Statement Month Ended October 31l 2018 Sales revenue ' $ 10.384' Cost of goods sold ' 4.434V Gross prot ' 5,900' Operating expenses ' 3,500' Income before income taxes ' 2,400' Income tax expense ' 960 $ 1,440' Mat innnma This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. Aupansshowing -l 4 > i chrome File Edit View History Bookmarks People Window Help ii) @ [le I: 35% . - 1r) 74%93- Octe 7:30:48 PM PrakritiBairoliya 6'9 mathxl.com ACC 201-09. Fall 2019 Prakriti Bairoliya I | 10/6/19 7:30 PM Homework: Chapter 6 Post-Homework Score: 0 of 19 pts 4 P6-62A (similar to) Armed Forces Surplus began March 2018 with 80 stoves lhat cost $10 each. During the month, the company made lhe following purchases at cost: a (Click the icon to view the purchases.) The company sold 249 stoves. and at March 31, the ending inventory consisted of 51 staves' The sales price 0! each stove was 348' Read the @uirements. 16 of 16 (12 complete) 7 p Hw Score: 21%, 21 of 100 pts $- Question Help a Requirement 1. Determine the cost of goods sold and ending inventory amounts for March 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 249 Ending inventory 51 0 Data Table March 6 90 stoves @ $20 18 100 stoves @ $25 26 so stoves @ $30 Enter any number in the edit fields and then click Check Answer, 4mm - -| t
