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Need help asap thank you!! The first picture is the problem I need help with. The second picture is what the problem will expand into
Need help asap thank you!!
Navy Seals Surptus began July 2021 with 60 stoves that cost $10 each. During the month, the compary made the following purchases at cost: (Click the icon to view the purchases.) The company sold 245 stoves, and at July 31, the ending inventory consisted of 55 stoves. The sales price of each stove was $45. Read the requirements- Requirement 1. Desermine 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 doliar. Camp Surplus began May 2021 with 70 stoves that cost $10 each. During the month, the compary made the following purchases at cost: (Click the icon to viow the purchases.) The compary sold 246 stoves, and at May 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $44. Read the teguirements. Requirement 1. Determine the cost of goods sold and ending inventery amounts for May 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. Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specilic. 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 the Carrip Surplus income statement for May. Report gross proft. Operating expenses totaled \$4,750. The company uses average costing for inventory. The income tax is 32%. (Round insome tax expense to the nearest whole dollar.) Data table The first picture is the problem I need help with. The second picture is what the problem will expand into after i finish the 1st part just with obvious different numbers.
If this doesn't make sense please comment. Thank you!!!
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