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.

Fatigues Surplus began July 2018 with 80 stoves that cost $15 each. During the month, the company made the following purchases at cost: EFF (Click the icon to view the purchases.) The company sold 267 stoves, and at July 31, the ending inventory consisted of 53 stoves. The sales price of each stove was $47. 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 i Data Table - X Ending inventory July 6 90 stoves @ $20 = $ 1,800 18 120 stoves @ $24 = 2,880 26 30 stoves @ $28 840 Print Done i Requirements - X 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 32%. Print Done Enter any number in the edit fields and then click Check Answer. ? 4 parts remaining Clear All Check