Navy Seals Surplus began July 2021 with 70 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Clipk the icon to view the purchases.) The company soid 235 stoves, and at July 31, the ending inventory consisted of 65 stoves. The sales price of each stove was $50. Read the requiremonts. Requirement 1. Determine the cost of goods sold and ending inventory amounts for July 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. Requirements 1. Determine the cost of goods sold and ending inventory amounts for July undar the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to fwo decimat places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO Bo spoctic 3. Prepare the Nany Seals Surplus income statement for July Roport gross profit. Operaling expensas totaled $3,500. The company uses averape costing for iventory. The income tax rato is 32%. Data table \begin{tabular}{|c|c|c|c|c|} \hline July 6 & 80 ssoves (i) & $15 & =5 & 1,200 \\ \hline July 18 & 100 stoves & $20 & & 2,000 \\ \hline July 26 & 50 stowes 8 & $30 & * & 1,500 \\ \hline \end{tabular} Print Done Print Done Navy Seals Surplus began July 2021 with 70 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Clipk the icon to view the purchases.) The company soid 235 stoves, and at July 31, the ending inventory consisted of 65 stoves. The sales price of each stove was $50. Read the requiremonts. Requirement 1. Determine the cost of goods sold and ending inventory amounts for July 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. Requirements 1. Determine the cost of goods sold and ending inventory amounts for July undar the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to fwo decimat places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO Bo spoctic 3. Prepare the Nany Seals Surplus income statement for July Roport gross profit. Operaling expensas totaled $3,500. The company uses averape costing for iventory. The income tax rato is 32%. Data table \begin{tabular}{|c|c|c|c|c|} \hline July 6 & 80 ssoves (i) & $15 & =5 & 1,200 \\ \hline July 18 & 100 stoves & $20 & & 2,000 \\ \hline July 26 & 50 stowes 8 & $30 & * & 1,500 \\ \hline \end{tabular} Print Done Print Done
