P6-62A (similar to) Question Help Army - Navy Surplus began May 2018 with 100 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 348 stoves, and at May 31, the ending inventory consisted of 52 stoves. The sales price of each stove was $51. Read the requirements 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 unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Requirements Data Table May 6 120 stoves @ $25 $ 3,000 18 130 stoves @ $30 3,900 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 unit to two decimal places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Army - Navy Surplus income statement for May. Report gross profit. Operating expenses totaled $3,750. The company uses average costing for inventory. The income tax rate is 36%. 26 50 stoves @ $32 1,600 Print Done Print Done Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Final Check