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The company sold $335$ stoves, and at October $31,$ the ending inventory consisted of $65$ stoves. The sales price of each stove was $$55.$

Read the requirements.

Data table

Requirements

Determine the cost of goods sold and ending inventory amounts for October

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.

Explain why cost of goods sold is highest under LIFO. Be specific.

Prepare the SWAT Team Surplus income statement for October. Report gross

profit. Operating expenses totaled $$3,500.$ The company uses average costing

for inventory. The income tax rate is $32\%.$