Question Help Fatigues Surplus began July 2018 with 100 sloves that cost $15 each. During the month, the company made the following purchases at cost Click the icon to view the purchases.) The company solid 332 stoves, and at July 31, the ending inventory consisted of 68 stoves. The sales price of each stove was $46. Read the requirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for July under the averago-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 FIFO LIFO Cost of goods sold Ending inventory Requirement 2 Explain why cost of goods sold is highest under UFO Be specific 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 Fatigues Surplus' income statement for Juy Report gross profit Operating expenses totale $3.000. The company uses average costing for invertoryThe income tax rate is 30%. (Round income tax expense to nearest whole dow) Fatigues Surplus Income Statement Month Ended July 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question 0 Question Help Fatigues Surplus began July 2018 with 100 stoves that cost 515 each. During the month, the company made the following purchases a co (Click the loon to view the purchases) The company sold 332 stoves, and at Jay 31, the ending inventory consisted of 68 stoves. The sale price of each stove was 346. Read the revirements Requirement 2. Laplan why cost of goods sold is highest under CIFO Bespone Under LIFO the cost of goods sold is the highest because costs are and LIFO is the to cost of goods sold Requirement 3. Preparo Fotigues Supu nome statement for Jay Report gross proft. Operating expenses toted $3,000. The comes were costing for inventory. The roome tax rate in 30% Round come true to nearest whole dolar) Fatigues Surplus Income Statement Month Ended July 31, 2018 Net inte Choose from any of onter any number in the rout folds and then continue to the next question ing the month, the company made the following purchases ted of 68 stoves. The sales price of each stove was $46. specific and LIFO assigns the to cost of goods sold. ing for inventory eport gross Data Table July 6 120 stoves @ $25 = $ 3,000 18 130 stoves @ $30 3,900 1,600 26 50 stoves @ $32 = Print Done sisted of 68 stoves. The sales price of each stove was $46. Be specific Requirements . Repo fentory. TH 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 Fatigues Surplus income statement for July. Report gross profit. Operating expenses totaled $3,000. The company uses average costing for inventory. The income tax rate is 30%. Print Done