prepare income statement for May. Report Gross profit. Operating expenses= $4000. Company uses average cost for inventory. Income tax rate is 30%.Calculate average cost, LIFO, FIFO

Military Surplus began May 2018 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost EB (Click the icon to view the purchases.) The company sold 329 stoves, and at May 31, the ending inventory consisted of 51 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 May under the average-cost, FIFO, and LIFO costing methods. Round the taverage cost per unit to two decimal places, and round all other amounts to the nearest dollar. or Number of units Average cost i Data Table Cost of goods sold Ending inventory dy May 6 18 26 120 stoves @ $18 = $ 2.160 130 stoves $253,250 30 stoves $27 810 Print Done Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check