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Please help me with all requirements! I will upvote :) Thank you!! Navy Seals Surplus began July 2021 with 100 stoves that cost $10 each.
Please help me with all requirements! I will upvote :) Thank you!!
Navy Seals Surplus began July 2021 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 308 stoves, and at July 31 , the ending inventory consisted of 62 stoves. The sales price of each stove was $46. Read the Requirement 1. Determine the cost of goods sold and ending inventory amounts for July under the average-cost, FIFO, and LIFO costing method other amounts to the nearest dollar. Cost c Endin! Data table 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. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Navy Seals Surplus income statement for July. Report gross profit. Operating expenses totaled $2,750. The company uses average costing for inventory. The income tax rate is 30%Step by Step Solution
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