Question: please help with the requirements on this problem P6-71B (similar to) Air Force Surplus began July 2018 with 100 stoves that cost S15 each. During
please help with the requirements on this problem

P6-71B (similar to) Air Force Surplus began July 2018 with 100 stoves that cost S15 each. During the month, the company made the following purchases at cost: E: (Click the icon to view the purchases.) The company sold 336 stoves, and at July 31, the ending inventory consisted of 64 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 Data Table - X July 6 $ 120 stoves @ 130 stoves @ 50 stoves @ $25 = $30 = $32 = 3,000 3,900 1,600 Print Done * Requirements 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 Air Force Surplus income statement for July. Report gross profit. Operating expenses totaled $3,750. The company uses average costing for inventory. The income tax rate is 40%. Print Done
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