Military Surplus began May 2018 with 70 stoves that cost $10 each. During the month, the company made the folowing purchases at cost Click the icon to view the purchases) The company sold 245 sloves, and at May 31. the ending inventory consisted of 5 stoves. The sales price of each stove was 548. Read the girements ments Requirement 1. Determine th.cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the Plan average cost per un to two decimal places ind round all other mounts to the nearest dolar Number of units Average cost FIFO LIFO Cost of good old Ending inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specie ultimedia Ubrary Under LIFO the cost of goods sold in the high because our and LIFO is the to cost of goods sold Chapter Requirement 1. Pre Mitary Surplus income statement for May Report gross proft Operating expenses oled $4.500. The company we conting for Inventory. The income tax rato 32%. Round income tax expense to the nearest whole dolar) Dyane Study od Military Surplus Commi14 Income Statement Month Ended May 1, 2018 Choose from your entrare in the input fields and the core to the question MacBook Air 28 e ?? . $ 4 2 + 3 5 6 7 8 9 0 Q W E R T Y C o P S D G H J K L A V N C V B Z M V I 1 2 36 option command command option ant 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the ost per unit to two decimal places, and round all other amounts to the nearest dolar. Number of units Data Table goods sold inventory 8 May 6 ement 2. Explain why cost of goods sd LIFO the cost of goods sold is the high 18 80 stoves $15 - $ 1.200 100 stoves @ $20 2,000 50 stoves @ $30 - 1,500 to cost of goods sold 300. The company uses average costing for Print Done uirement 3. Prepare Mary Surplusinog nory. The income tax is 32%. (Round Military Surplus Income Statement Month Ended May 31, 2018 Choose from any list or enter any number in the input folds and then continue to the next question This course BUSNIA Financial Accounting Summer 2000. Las Positas College is based on Thomas The Financial Account 12e MacBook Air 9 E: DO $ 4 96 5 00. C 9 2 3 6 7 0 W E R T Y U - 0 P S D F G H J J L ? C V B N M - 2 nmand command option Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per to two decimal places, and round all other amounts to the nearest dolar 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 ary Under LIFO the cost of goods sold is the highest because costs are and UFO assigns the to cost of goods sold Requirement 3. Prepare My Surplus income statement for May Report gross profit. Operating expenses totaled 54,500. The company uses average costing for Inventory. The income tax rate is 32%. Round income tax expense to the nearest whole dolar) By Mod Military Surplus tonto Income Statement Month Ended May 31, 2018 Choose from any stor enter any number in the input fields and then continue to the next question This course USA and Account S2000- Las Posts College is based on homenatge MacBook Air Bo ER 19 ! 7 + ) $ 4 2 3 5 6 & 7 C 9 8 0 Q w E R T Y U - o P A S D F G H J K L > N V C V B ? N M I 2 of command command option How the 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 to cost of goods sold Requirement 3. Prepare Military Surplus' Income statement for May. Report gross proftOperating expenses totaled $4.500. The company uses average costing for Inventory. The income tax rate is 32% (Round Income tax expense to the nearest whole dollar) Military Surplus Income Statement Month Ended May 31, 2018 aces I By Mod on tog Net.com Choose from any list or enter any number in the input fields and then continue to the next question This count Accounting Summer 2000 based on Thomae 12 MacBook Air Bo 8 c! ! 1 $ 4 2 3 % 5 WO. 6 7 9 ) 0 Q W E R T Y U 1 0 P S D F G H J K L ... N V X C V B ? Z M. V * command command option