SWAT Surplus began March $2021$ with $100$ tents 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 $318$ tents, and at March $31,$ the ending inventory consisted of $52$ tents. The sales price of each tent was $$52.$

Read the requirements. nearest dollar.

$\backslash$table$[[,$Number of units Average cost,FIFO LIFO,$],[$Cost of goods sold,,,$]]$

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 and LIFO assigns the to cost of goods sold. nearest whole dollar.$)$

SWAT Surplus

Income Statement

Month Ended March $31,2021$

Data table

$\backslash$table$[[$Mar $6,110$ tents @ $$20=$$$2,200,],[$Mar $18,120$ tents @ $$25=,3,000],[$Mar $26,40$ tents @ $$30=,1,200]]$