MilitarySurplus began March 2018 with 80 stoves that cost $15 each. During themonth, the company made the following purchases atcost:

The company sold 296 stoves, and at March 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $50.

Military Surplus began March 2018 with 80 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 296 stoves, and at March 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $50. Read the requirements. 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 6,512 22 Ending inventory $ 1,188 i Requirements - X i Data Table - X 1. Determine the cost of goods sold and ending inventory amounts for March 100 stoves @ $20 = $ 2,000 under the average-cost, FIFO, and LIFO costing methods. Round the average March 6 cost per unit to two decimal places, and round all other amounts to the nearest 18 120 stoves @ $25 = 3,000 dollar 26 50 stoves @ $30 = 1,500 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Military Surplus income statement for March. Report gross profit. Operating expenses totaled $4,000. The company uses average costing for inventory. The income tax rate is 36% Print Done Print Done Enter any number in the edit fields and then click Check Answer. ? 4! parts remaining Clear All Check