Question Help Fatigues Surplus began July 2018 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 316 stoves, and at July 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $45. Read the requirements Requirement 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 Number of units Average cost Cost of goods sold Ending inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific Under LIFO the cost of goods sold is the highest because costs are goods sold and LIFO assigns the to cost of Requirement 3. Prepare Fatigues Surplus' income statement for July. Report gross profit. Operating expenses totaled $5.200. The company uses average costing for inventory. The income tax rate is 30% (Round income tax expense to the nearest whole dollar) Fatigues Surplus Income Statement Month Ended July 31, 2018 Questio Data Table Jonth, the company made the following purchases at Stoves. The sales price of each stove was $45. 110 stoves $20 = $ 2.200 3000 120 stoves @ 40 stoves @ 525 = $30 = 1.200 July under the average cost, FIFO and LIFO costing amounts to the nearest dollar Print Done ing riventory quirement 2. Explain why cost of good 0 Requirements Ter LIFO the cost of goods sold is the ds sold quirement 3. Prepare Fatigues Surplu Saverage costing for inventory The Fatigues Surplus Income Statement Month Ended July 31, 20 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 Fatiques Surplus income statement for July. Report gross prolit Operating expenses totaled $6.200 The company uses average costing for inventory. The income tax rate is 3096 Print Done